Rebar spot prices in Turkey start week with upward trend

As of today, November 10, local rebar prices in the Turkish spot market have increased by TRY 200-300/mt ($2-5/mt) compared to November 6 amid the ongoing currency fluctuations and higher import scrap prices. Consequently, local 12 mm rebar prices in the spot market are now in the range of TRY 27,700-28,800/mt ($547-569/m) ex-warehouse, depending on the region, and with the exchange rate at $1 = TRY 42.20. 

Official rebar offers for cash payments in the Marmara and Izmir regions, including İçdaş's prices, have risen by $5/mt on the lower end compared to November 6, to $550-575/mt ex-works, while acceptable prices are at $550-570/mt ex-works, also up by $5/mt over the same period. 

Sources say several Iskenderun-based rolling mills are offering rebar to serious buyers today at TRY 28,200-28,500/mt ($557-563/mt) ex-warehouse versus TRY 28,200-28,300/mt ($558-560/mt) ex-warehouse, on November 6.

A Samsun-based mill has extended the closure of its rebar sales until Monday, November 17.

The general sentiment on the demand side is relatively positive due to somewhat higher housing demand and the government's preparations for its project to build 500,000 social housing units. Some market players believe that the sharp increase in prices of construction materials (steel, cement, etc.) may slow down construction projects and increase the cost of house purchases.

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 42.20