Local Turkish rebar spot prices trend up in local currency

Today, May 20, Turkish domestic rebar spot prices have increased by TRY 100/mt ($2-3/mt) as compared to Thursday, May 16, against the backdrop of limited size availability due to the lack of supply in the market and with one Iskenderun-based mill starting its maintenance process today. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 22,700-23,600/mt or $587-611/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 32.20.

Icdas has kept its official dollar-based rebar price stable at $620/mt ex-works today, while the workable rebar prices in the Izmir and Marmara regions vary at $585-600/mt ex-works for serious buyers, falling by $5/mt on the higher end over the past week.

One Iskenderun-based mill has issued its rebar price today at TRY 23,700/mt ($613/mt) ex-works. Another mill in this region is also offering rebar at TRY 23,800/mt ($616/mt) ex-works. In addition, a few re-rollers in this region are currently offering rebar at TRY 23,550-23,850/mt ($609-617/mt) ex-warehouse today.

"The general sentiment on the demand side is still negative due to high interest rates for bank loans and most buyers are purchasing only in line with their daily needs. As a result, additional further discounts are also applicable for cash 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 20 percent VAT, while prices on US dollar basis exclude VAT.

$1 = TRY 32.20