Local Turkish rebar spot prices revised to offset currency fluctuations

Most Turkish mills have kept their dollar-based local rebar prices stable as the week begins due to their high energy prices.

A few Marmara-based mills have kept their rebar prices stable at $585-590/mt ex-works officially over the past week. In addition, Turkish workable domestic dollar-based rebar offers in the Marmara region have remained at $580-585/mt ex-works including Icdas A.S.'s prices, as compared to July 23. In the Izmir region, one of the mills has kept its rebar price at TRY 32,800/mt ($577/mt) ex-works officially, stable on lira basis and down by $2/mt on US dollar basis over the same period. Another large mill in the same region has also raised its rebar price, by TRY 100/mt to TRY 32,400/mt ($570/mt) ex-works, unchanged on US dollar basis as compared to July 23. According to sources, the overall workable rebar prices for cash payment from mills in the Marmara and Izmir regions are at around $570-585/mt ex-works, unchanged compared to July 23. A few mills are already testing $590/mt ex-works today in the Marmara region for workable levels. However, so far this seems a bit high under the current market conditions.

One of the main players in the Iskenderun region raised its rebar price by TRY 150/mt ($1/mt) to TRY 33,000/mt ($581/mt) ex-works compared to July 23 in order to offset currency fluctuations. Sources report that several Iskenderun-based rolling mills have set their rebar prices for serious buyers and cash payments at TRY 32,600-32,800/mt ($574-577/mt) ex-warehouse, up by TRY 200/mt ($2/mt) over the same period.

Currently, local 12 mm rebar prices in the spot market in Turkey are in the range of TRY 32,500-33,300/mt ($572-586/mt) ex-warehouse, up by TRY 100-200/mt and up only by $2/mt on US dollar basis on the higher end over the same period.

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 47.35