Rebar spot prices in Turkey trend up

As of today, September 29, local rebar prices in the Turkish spot market have risen by TRY 200/mt ($2-3/mt) against the backdrop of the ongoing currency fluctuations, compared to September 25.  Consequently, local 12 mm rebar prices in the spot market are now in the range of TRY 26,500-27,300/m ($531-547/m) ex-warehouse, depending on the region and with the exchange rate at $1 = TRY 41.57.

Official offers for cash payments for rebar in the Marmara and Izmir regions, including İçdaş's prices, have risen by $5/mt on the higher end compared to September 25, to the $535-$560/m ex-works range, while acceptable prices are recorded in the $530-$550/m ex-works range, also up by $5/m on the higher end.

Meanwhile, a producer in İskenderun today announced its official rebar price at TRY 27,500/mt ($551/mt) ex-works, down by $2/mt on US dollar basis. Sources say several Iskenderun-based rolling mills have offered rebar to serious buyers today with an increase of TRY 300/mt ($4/mt) to TRY 27,000-27,200/mt ($541-545/mt) ex-warehouse.

One Samsun-based mill has extended the closure of its rebar sales until Monday, October 6.

According to sources, there were some temporary difficulties in terms of transportation in the Izmir region in the last days of last week, which have supported rebar sales in the Marmara region. As a result, around 10,000 mt of rebar in total were traded at $548-550/mt ex-works in the Marmara region. Following these sales, some Turkish producers believe import scrap prices will gain momentum in the short term, while most mills closed their rebar sales earlier on Friday, September 26.

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 41.57