Rebar spot offers in Turkey rise sharply together with workable levels

As of today, November 24, local rebar prices in the Turkish spot market have risen by TRY 400-700/mt ($7-13/mt) compared to November 20 amid the ongoing currency fluctuations and the positive sentiment in the import scrap segment. In addition the increase of the spot rebar prices is relatively higher the other regions in the Marmara region due to the limited supply and size availability. Consequently, local 12 mm rebar prices in the spot market are now in the range of TRY 28,700-29,800/mt ($564-585/mt) ex-warehouse, depending on the region, and with the exchange rate at $1 = TRY 42.44. 

Official rebar offers for cash payments in the Marmara and Izmir regions, including İçdaş's prices, have settled at $565-590/mt ex-works, up by $5/mt over the same period, while acceptable prices are at $560-585/mt ex-works, also up by $5/mt week on week. The higher end in the Marmara region seems a bit difficult to achieve under the current market conditions. 

Sources say several Iskenderun-based rolling mills are offering rebar to serious buyers today at TRY 29,200-29,300/mt ($573-575/mt) ex-warehouse, versus TRY 28,700-28,800/mt ($564-566/mt) ex-warehouse, compared to November 20.

One Samsun-based mill has extended its rebar sales closure until Monday, December 1.

Most local traders have already restocked their material, while some local traders continue buying just in line with their daily needs.

All prices are ex-warehouse and on actual weight basis. Prices in Turkish liras include 20 percent VAT, while prices in US dollars exclude VAT.

$1 = TRY 42.44