Local Turkish rebar prices rise further amid high costs, war-related expectations

As of today, March 9, local rebar prices in the Turkish spot market have increased by TRY 400/mt ($6-7/mt), following the increase in mills’ offers by up to $5/mt. The uptrend is mainly based on evaluations and expectations related to the consequences of the war in the Middle East. In the meantime, the costs of production are high and are expected to remain that way, taking into account higher import scrap and billet indications, based on rising freight rates globally.

Consequently, local 12 mm rebar prices in the spot market are now in the range of TRY 29,200-29,800/mt ($552-563/mt) ex-warehouse, depending on the region, with the exchange rate at $1 = TRY 44,08. 

Official rebar offers and workable prices for cash payments in the Marmara and Izmir regions, including İçdaş' prices, have increased by $5/mt to $555-575/mt ex-works compared to March 5, and to $550-570/mt ex-worksrespectively. One Izmir-based mill opened its rebar sales at TRY 29,500/mt ($558/mt) ex-works today, with an increase of TRY 400/mt ($7/mt) over the same period.

An Iskenderun-based mill has set its official rebar price today at TRY 29,700/mt ($561/mt) ex-works, indicating an increase of TRY 300/mt ($4/mt) compared to March 5. Sources report that several Iskenderun-based rolling mills are offering rebar today to serious buyers at TRY 29,000-29,200/mt ($548-552/mt) ex-warehouse, up by TRY 200/mt ($3/mt) over the same period.

One Samsun-based mill has extended the closure of its rebar sales until Monday, March 16.

Most buyers are purchasing in line with their daily needs and are so far unwilling to actively restock.

All prices are ex-warehouse and on actual weight basis. Prices in Turkish liras include 20 percent VAT, while prices in US dollars exclude VAT.

$1 = TRY 44,08