Local Turkish rebar spot prices rise amid restocking, limited supply

Today, April 3, domestic rebar spot prices in Turkey have increased by TRY 60-100/mt ($6-11/mt). The limited supply due to the closuer of rebar lines in all regions has become the main factor supporting prices as there is still some construction activity going on. In this context, some restocking has been going on due to fears that the mills may not be able to supply the needed volumes and also due to some cautious optimism in the import scrap segment.

Sources report thar Izmir Demir Celik (IDC) has ceased giving offers after having sold around 30,000 mt of rebar this week. Another Izmir region-based producer sold 21,000 mt of rebar at TRY 3,080/mt ($390/mt) ex-works today, SteelOrbis has learned.

In Iskenderun region, Bastug Metalurji is expected to open sales next week, while Ekinciler is out of the market for now amid maintenance works. According to insiders, Koc Metalurji has closed sales this afternoon after having sold some lots at TRY 3,150/mt ($398/mt) ex-works. Some other Iskenderun region-based mills have even set their offers at as high as TRY 3,160/mt ($400/mt) ex-works, SteelOrbis has learned.

Marmara region-based Icdas has kept its 12-32 mm rebar price at TRY 3,080/mt ($390/mt) ex-works, the same offer levels have been heard from other mills in the region.

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

$1 = TRY 6.70