Local Turkish rebar spot prices soften

Today, May 9, Turkish domestic rebar spot prices have fallen by TRY 100/mt ($1-2/mt) against the backdrop of the ongoing currency fluctuations and sluggish demand, as compared to Monday, May 6. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 22,800-23,600/mt or $590-610/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 32.22.

Icdas has kept its official dollar-based rebar price stable at $620/mt ex-works today. While the general official rebar price range in the Marmara and Izmir regions  varies at $590-610/mt ex-works, the workable rebar price seems close to the lower end. The general sentiment on the demand side is negative and most buyers are exerting pressure for further discounts.

One Iskenderun-based mill has issued its rebar price at TRY 23,500/mt ($608/mt) ex-works today, falling by TRY 200/mt($4/mt) over the same period. The mill has set its conversion costs to 10 mm and 8 mm at TRY 1,100/mt and TRY 1,300/mt respectively. In addition, another re-roller in this region is offering rebar at TRY 23,400/mt ($605/mt) ex-warehouse.

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

$1 = TRY 32.22