Rebar spot prices in Turkey revised to offset currency fluctuations

Rebar spot prices in Turkey have been revised upwards by TRY 10-20/mt due to the ongoing fluctuations in the Turkish lira-US dollar exchange rate. As a result, traders’ ex-warehouse prices for rebar have ended up with minor changes on dollar basis.

Sources report that Turkish mill Icdas raised its rebar prices by TRY 20/mt to TRY 3,230/mt ($448/mt) ex-works in the morning of today, February 21. However, this information was not officially confirmed. Accordingly, Icdas has kept its rebar quotations stable at TRY 3,210/mt ($445/mt) ex-works. Moreover, some mills in the Marmara region have raised their rebar sales prices on Turkish lira basis by TRY 10/mt to TRY 3,280 /mt ($455/mt) ex-works, while keeping its US dollar price unchanged. One mill in Marmara region is heard to have closed its sales until February 24, while another mill in the same region closed its sales this afternoon and has not been able to provide all rebar sizes. Izmir Demir Celik (IDC) has increased its price by TRY 50/mt today to TRY 3,250/mt ex-works, while hiking its dollar price by $6/mt to $451/mt ex-works. In the Iskenderun region, one of the local mills has kept its offers on Turkish lira basis at $445/mt (TRY 3,210/mt) ex-works, while reducing its price of dollar basis by only $1/mt.  

As of today, rebar offers in the Turkish spot market are as follows:

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 6.11