Today, May 11, Turkish domestic rebar spot prices have fallen by TRY 200-500/mt ($14-31/mt) amid the depreciation of the Turkish lira against the US dollar and the negative sentiment in the scrap segment. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 14,500-14,800/mt or $802-818/mt ex-warehouse, depending on the region.
Icdas has kept its official rebar price at $870/mt ex-works today. According to sources, a few mills are taking advantage of the currency fluctuations and giving large discounts to bring prices in line with local traders’ spot rebar prices. Most buyers are exerting pressure for further discounts when the gap between producers’ official rebar prices and local traders’ spot rebar prices are taken into account, while even $800-820/mt ex-works is rumored for serious buyers in the Marmara and Izmir regions.
Most local traders are maintaining a wait-and-see stance given the unclear financial situation in the country and the revised VAT policy. Sources report around 13,000 mt of rebar has been traded at $800/mt ex-works in the Izmir region today, while this has not been confirmed by the time of publication.
As of today, rebar offers in the Turkish spot market are as follows:
|
Region |
Dimension |
Price ($/mt) |
Price (TRY/mt) |
Price changes ($/mt) |
Price changes (TRY/mt) |
|
10.05.2022 |
10.05.2022 |
||||
|
Marmara |
8 mm |
829 |
15,000 |
-21 |
-300 |
|
Marmara |
12 mm |
818 |
14,800 |
-21 |
-300 |
|
Iskenderun |
8 mm |
818 |
14,800 |
-15 |
-200 |
|
Iskenderun |
10 mm |
813 |
14,700 |
-14 |
-200 |
|
Iskenderun |
12 mm |
807 |
14,600 |
-15 |
-200 |
|
Izmir |
8 mm |
813 |
14,700 |
-31 |
-500 |
|
Izmir |
10 mm |
807 |
14,600 |
-32 |
-500 |
|
Izmir |
12 mm |
802 |
14,500 |
-31 |
-500 |
|
Karabuk |
8 mm |
829 |
15,000 |
-15 |
-200 |
|
Karabuk |
12 mm |
818 |
14,800 |
-15 |
-200 |
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 15.33