Local Turkish rebar spot prices revised in Marmara and Izmir regions to offset currency fluctuations

As of today, March 2, local rebar prices in the Turkish spot market have remained unchanged on Turkish lira basis with only minor changes on US dollar basis in the Iskenderun and Karabuk regions, as compared to February 26, while rising by TRY 100/mt ($1/mt) in the rest of the country in order to offset currency fluctuations. Consequently, local 12 mm rebar prices in the spot market are now in the range of TRY 28,500-29,100/mt ($540-550/mt) ex-warehouse, depending on the region, with the exchange rate at $1 = TRY 43.95. 

Official rebar offers for cash payments in the Marmara and Izmir regions, including İçdaş' prices, have fallen by $5/mt on the lower end to $540-560/mt ex-works compared to February 26, while acceptable prices have also fallen by $5/mt on the lower end, to $535-555/mt ex-works, for cash payment, over the same period. One Izmir-based mill opened its rebar sales at TRY 28,700/mt ($544/mt) ex-works earlier today, closing them in the afternoon.

One Iskenderun-based mill has set its official rebar price today at TRY 29,000/mt ($550/mt), indicating an increase of TRY 100/mt ($1/mt) compared to February 26. Sources report that several Iskenderun-based rolling mills are offering rebar today to serious buyers at TRY 28,500-28,600/mt ($540-542/mt) ex-warehouse, stable on Turkish lira basis while falling by $1/mt on US dollar basis as compared to February 26.

One Samsun-based mill has extended the closure of its rebar sales for another week. In addition, one re-roller in the Karabuk region has closed its rebar sales until Thursday, March 5.

Most buyers are in wait-and-see mode due to the unclear financial situation in the country.

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 43.95