Rebar spot prices in Turkey edge up

As of today, November 3, local rebar prices in the Turkish spot market have risen by TRY 200-300/mt ($3-5/mt) compared to October 30 amid the ongoing depreciation of the Turkish lira against the US dollar, with the exchange rate even exceeding $1 = TRY 42 lately.  The rebar spot price in the Karabuk region has risen higher compared to the rest of the country due to the limited supply in this region. Consequently, local 12 mm rebar prices in the spot market are now in the range of TRY 27,400-28,200/mt ($543-559/m) ex-warehouse, depending on the region and at the exchange rate at $1 = TRY 42.05. 

Official rebar offers for cash payments in the Marmara and Izmir regions, including İçdaş's prices, have risen by $5/mt on the higher end compared to October 30, to $545-560/mt ex-works, while acceptable prices are available at $545-555/mt ex-works, also up by $5/mt over the same period. One Izmir-based mill closed its rebar sales earlier today and is expected to increase its prices slightly soon. As a result, the lower end of the rebar price range may be revised. However, the general sentiment on the demand side is negative so far.

One Iskenderun-based mill has issued its official rebar price at TRY 28,300/mt ($561/mt) ex-works today. Sources say several Iskenderun-based rolling mills are offering rebar to serious buyers today at TRY 27,900/mt ($553/mt) ex-warehouse, versus TRY 27,500-27,600/mt ($546-548/mt) ex-warehouse on October 30.

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 42.05