Rebar spot prices in Turkey increase further

As of today, October 9, local rebar prices in the Turkish spot market have risen by another TRY 200-300/mt ($3-5/mt) amid the ongoing currency fluctuations and the positive sentiment in the import scrap segment, as compared to October 6.  Consequently, local 12 mm rebar prices in the spot market are now in the range of TRY 27,200-28,100/m ($543-561/m) ex-warehouse, depending on the region and with the exchange rate at $1 = TRY 41.72.

Official rebar offers for cash payments in the Marmara and Izmir regions, including İçdaş's prices, have remained unchanged compared to October 6, at $540-565/m ex-works, while acceptable prices are standing at $540-$555/m ex-works, up by $5/mt on the lower end. A few Marmara-based mills are already testing $560/mt ex-works and Kardemir has succeeded in selling some tonnage at this price today.

Meanwhile, a producer in Iskenderun today announced its official rebar price at TRY 28,300/mt ($565/mt) ex-works, rising by TRY 450/mt($8/mt) over the same period. Sources say several Iskenderun-based rolling mills have offered rebar to serious buyers today with an increase of TRY 200-300/mt ($3-5/mt) to TRY 28,000-28,100/mt ($559-561/mt) ex-warehouse.

One Izmir-based mill has set both its 10 mm and 8 mm conversion costs at TRY 1,500/mt ($30/mt) today. Another mill in this region has today also set both its 10 mm and 8 mm conversion costs at TRY 1,250/mt ($25/mt).

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 41.72