Local Turkish rebar spot prices rise in local currency after holiday

Today, July 3, Turkish domestic rebar spot prices have risen by TRY 1,100-1,200/mt with minor changes on US dollar basis, compared to Thursday, June 22, except in the Izmir region where rebar spot sales were closed in the pre-holiday period. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 18,750-19,100/mt or $610-621/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 26.05.

Icdas A.S has cut its rebar price by $10/mt to $630/mt ex-works today. Following this price cut, most mills in the Marmara and Izmir regions are offering official rebar prices at $630-640/mt ex-works today.

Bastug Metallurgy has opened its rebar sales today at TRY 19,100/mt ($621/mt) ex-works at the current exchange rate. Another mill in the region also opened its rebar price at TRY 19,000/mt ($618/mt) ex-works in the afternoon for end of July-early August delivery. In addition, a few Iskenderun-based re-rollers also issued their rebar prices at TRY 18,800-19,000/mt ($612-618/mt) ex-warehouse today.

In the Samsun region, Yesilyurt Metallurgy has issued its rebar price at TRY 19,500/mt ($634/mt) ex-works at the current exchange rate. As most market players are just back from the holiday, the local rebar market is expected to gain more clarity in the coming days, while the general sentiment on the demand side is pessimistic due to the ongoing currency fluctuations, and most local traders are finding it difficult to generate cash for their credit payments.

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 26.05