Local Turkish rebar spot prices rise as week begins

Today, August 9, Turkish domestic rebar spot prices in the local currency have risen by TRY 30-70 TL/mt ($2-6/mt) since the end of last week amid currency fluctuations. Sources report that the local market has made a quiet start to the week and that trading activity is relatively slow as some local traders had already restocked in the past week. In addition, some local traders are taking their time to make new purchases until the Turkish Central Bank’s interest rate decision due on Thursday, August 12, against the backdrop of the negative sentiment in the import scrap sector. Accordingly, 12 mm rebar spot prices in Turkey are now at TRY 7,000-7,100/mt or $687-697/mt ex-warehouse, depending on the region.

Most mills in the Marmara region are currently offering rebar at $700-710/mt ex-works, while slightly lower levels are available for serious buyers, while İcdas A.S. has decreased its rebar prices by $10/mt to $700/mt ex-works as of today.

Most Izmir-based mills are offering rebar at $700/mt ex-works. Sources report additional discounts are applicable for serious buyers.

In the Karabuk region, Yolbulan has opened its rebar sales at TRY 7,150/mt ex-works which equals $702/mt ex-works today. In the Samsun region, Yesilyurt Metallurgy has also opened its rebar sales at TRY 7,150/mt ($702/mt) ex-works as today.

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 8.63