Local Turkish rebar spot prices increase on lira basis

Today, March 11, Turkish domestic rebar spot prices have risen by TRY 400/mt ($8/mt) in the Marmara and Karabuk regions, while rising by TRY 100-200/mt with minor changes on US dollar basis in the Izmir and Iskenderun regions, compared to Thursday, March 7. The main reason for the price changes is the ongoing depreciation of the Turkish lira against the US dollar. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 23,000-23,600 mt or $599-615/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 32.

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 $595-615/mt ex-works, while a few mills are applying aggressive pricing policies to generate cash.

One Iskenderun-based mill is currently offering its official rebar price at TRY 24,000/mt ($625/mt) ex-works today, while an additional discount is also applicable for serious buyers. 

One Marmara-based mill has updated its conversion costs. Its conversion cost for 10 mm size is now at TRY 960/mt ($30/mt) and for 8 mm size stands at TRY 1,300/mt ($40/mt), while another re-roller in the Iskenderun region has today revised its conversion costs for 10 mm and 8 mm to TRY 1,000/mt ($31/mt) and TRY 1,200/mt ($38/mt), respectively.

"The ongoing exchange rate movement and the fact that a few traders consider that the local rebar prices have hit bottom levels have triggered some purchases," one source commented. A sale of a total of around 40,000 mt of rebar, both for the local and export markets, is rumored to have been done last Friday, though it has not been confirmed by the supposed seller.

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 32.00