Local Turkish rebar spot prices follow diverse trends

Today, March 4, Turkish domestic rebar spot prices have remained unchanged on Turkish lira basis, while down by $5-6/mt on US dollar basis in the Marmara and Karabuk regions, while falling by TRY 100/mt ($8/mt) in the Iskenderun region. In addition, rebar spot prices have risen by TRY 100/mt in the Izmir region, falling only by $2-3/mt on US dollar basis. All comparisons are with prices on Thursday, February 29. The main reasons for the price changes are the ongoing currency fluctuations. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 22,600-23,100/mt or $598-611/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 31,50.

Icdas has kept its official dollar-based rebar price at $620/mt ex-works today. The general official rebar price range in the Marmara and Izmir regions varies at $600-620/mt ex-works, versus $605-625/mt ex-works a week ago, while the workable rebar price seems close to $595-610/mt ex-works for serious buyers.

One Iskenderun-based mill is offering its rebar at TRY 23,500/mt ($622/mt) ex-works today. A few re-rollers are offering rebar at TRY 23,400/mt ($619/mt) ex-warehouse in this region, with additional discounts available for serious buyers, SteelOrbis has heard.

As Ramadan will soon begin, a few local buyers are expected to restock with some material, while some other buyers are monitoring the import scrap price trend and purchasing only in line with their daily needs.

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 20 percent VAT, while prices on US dollar basis exclude VAT.

$1 = TRY 31.50