Local Turkish rebar spot prices increase to offset currency fluctuations

Thursday, 06 August 2020 17:18:17 (GMT+3)   |   Istanbul
       

Today, August 6, Turkish domestic rebar spot prices have increased by TRY 100-110/mt, with just minor changes on US dollar basis. As a result, 12 mm rebar prices in the Turkish spot market have settled in the range of TRY 3,770-3,800/mt ($439-443/mt) ex-warehouse, depending on the region.

Most Turkish mills have closed their rebar sales during the day due to the depreciation of the Turkish lira against the US dollar. The exchange rate was at $1 = TRY 7.04 yesterday, while it is now at $1 = TRY 7.27.

Icdas has not disclosed any rebar price today. Another Marmara-based mill has voiced TRY 3,860/mt ($450/mt) ex-works.

Izmir Demir Celik(IDC) opened its rebar sales today at TRY 3,750/mt ($437/mt) ex-works but closed its sales in less than an hour.

In the Iskenderun region, Koc Metallurgy has opened its rebar sales at TRY 3,750/mt ($437/mt) ex-works early today. Bastug has opened its 12 mm rebar sales at TRY 3,700/mt($431/mt) earlier today, closing them within a couple hours.

In Karabuk region, Yesilyurt had opened its rebar price at TRY 3,770/mt ex-works ($439/mt) ex-works early today. Turkish mills are expected to revise their rebar prices in the short term.

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

Region

Dimension

Price ($/mt)

Price (TRY/mt)

Price changes ($/mt)

Price changes (TRY/mt)

5.08.2020

5.08.2020

Marmara

8 mm

445

3,820

-2

+110

Marmara

12 mm

443

3,800

-1

+110

Iskenderun

8 mm

445

3,820

-2

+110

Iskenderun

10 mm

444

3,805

-1

+110

Iskenderun

12 mm

442

3,790

-1

+110

Izmir

8 mm

442

3,790

-2

+100

Izmir

10 mm

441

3,780

-2

+100

Izmir

12 mm

439

3,770

-3

+100

Karabuk

8 mm

444

3,810

-3

+100

Karabuk

12 mm

442

3,790

-2

+100

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 7.27


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