Local Turkish rebar prices reach new record levels

Having started the current week with sharp increases, domestic rebar prices in Turkey have maintained their high levels in the following days with the support of the rises seen in import scrap and billet quotations. Domestic rebar prices, which had reached a record level of TRY 2,700/mt ex-warehouse in December 2017, have set a new record this week by increasing to TRY 2,730/mt ex-warehouse in Turkey’s Marmara region.

Having postponed their rebar purchases to the second half of February due to the expectations of an acceleration in construction activities, Turkish rebar buyers with low inventory levels have stepped up their price inquiries amid the rises seen in scrap and billet quotations as of last week, and so demand in the local Turkish rebar market has been improving for approximately the past ten days. As buyers continue their prices inquiries for domestic rebar, Turkish mills are unable to accept orders for the delivery dates sought by buyers since their rebar and wire rod export sales have already accelerated and so supply to the local Turkish rebar market is currently tight.

As a result, despite the increase in price inquiries in the local Turkish rebar market, trading activities are still slow. Meanwhile, domestic rebar prices have moved sideways since they have reached their new record level on February 13, while they have increased by TRY 8-26/mt since SteelOrbis’ report on February 12.

As of today, February 15, traders’ rebar offers in the Turkish domestic market are as follows:

All prices are ex-warehouse and on actual weight basis and exclude VAT.

$1 = TRY 3.77