Last week, traders' rebar prices in the Turkish domestic market were standing at TRY 1,060/mt ($589/mt) + VAT ex-warehouse, showing little variations depending on the region. However, traders' rebar prices have first softened to TRY 1,047-1,060/mt ($582-589/mt) + VAT ex-warehouse and some small volume transactions have been heard at TRY 1,047/mt + VAT ex-warehouse in Istanbul and at TRY 1,051/mt ($584/mt) + vAT ex-warehouse in Iskenderun. As of today, September 24, spot rebar prices in Turkey are still standing at TRY 1,047-1,060/mt + VAT ex-warehouse.
However, Turkish rebar producers are expected to cut their prices due to their high inventories. Accordingly, these mills' rebar prices may be reduced by TRY 20-30/mt ($11-17/mt) in the coming days.
$1 = TRY 1.80