Local Turkish rebar spot market continues to move down

Today, August 26, Turkish domestic rebar spot prices have decreased further by TRY 20-110/mt. The appreciation of the Turkish lira against the US dollar has caused some dollar-based prices to remain stable, while in other cases it resulted in $3-8/mt decrease or a $1/mt increase. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 6,470-6,650/mt or $656-674/mt ex-warehouse, depending on the region.

Once again Icdas A.S. has kept its rebar price at $680/mt ex-works. Most mills in the Marmara region have shared their official rebar prices at $675-685/mt ex-works, but some sources stated that there may be a $5/mt discount for actual sales. Although a steelmaker in Izmir is offering its rebar list price at $470/mt ex-works, another Izmir-based mill reduced its local rebar prices to $650/mt ex-works today. Although the latter mill closed its sales at midday, its total tonnage sold is estimated to be at least 30,000 mt. Market sources state that this tonnage may exert pressure on quotations in Istanbul in the coming days, as shipments from Izmir to Istanbul still leave some margins for traders. A source from the Iskenderun region reported that the pressure from Izmir is even felt in Iskenderun, and there is a flow of products to the east from Izmir. Meanwhile, some Iskenderun-based producers are stating that they are focused on exports and are not sharing offers with their local market, SteelOrbis understands.

As of today, rebar offers in the Turkish spot market are as follows:

All prices are ex-warehouse and on actual weight basis. Prices on Turkish lira basis include 18 percent VAT, while prices on US dollar basis exclude VAT.

$1 = TRY 8.36