Local Turkish rebar spot prices show signs of rebound

Today, June 29, Turkish domestic rebar spot prices have risen by TRY 200-700/mt ($8-33/mt) since the beginning of this week. The main reasons are the currency fluctuations and relatively positive sentiment in the import scrap segment. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 12,400-12,600/mt or $632-642/mt ex-warehouse, depending on the region.

Icdas has kept its official rebar price stable at $630/mt ex-works today. Moreover, most mills in the Izmir and Marmara regions are currently offering rebar at $620-640/mt ex-works. Sources report around 10,000 mt of rebar were traded at $640/mt ex-works in the Marmara region for deferred payment yesterday.

In the Iskenderun region, Bastug Metallurgy opened its rebar sales today at TRY 12,700/mt ($647/mt) ex-works and closed them after a couple of hours. It is worth mentioning that local traders’ spot rebar prices have increased higher than in the rest of the country in line with the ongoing investigation in the steel sector. “Some local traders are attempting to follow mills’ rebar prices in the region, while offering closer to the mills’ prices. Aggressive pricing strategies are not applicable,” one source mentioned.

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 16.63