Slight rise in local Turkish rebar market

Although demand in the local Turkish rebar market is still at low levels, it was seen to revive slightly yesterday, March 13, in Turkey’s Iskenderun and Izmir regions. SteelOrbis has been informed that buyers have concluded purchases as they believed domestic rebar prices may not fall in the short term due to the high levels of scrap quotations. However, they have limited their purchases in line with their needs since they are unable to predict the future trend of the market ahead of the local elections to be held on March 31.

Market sources state that traders have raised their rebar offers in the overall domestic market, apart from the Karabuk region where a decline in prices has been recorded. Market sources believe that buyers in the Karabuk region met their needs during Kardemir’s rebar sale which was closed today, and so domestic rebar prices in the region have fallen. 

On the other hand, Turkish steel mill Izmir Demir Celik has announced a TRY 17/mt rise in its domestic rebar prices, which are now at TRY 2,737/mt ($500/mt) ex-works, excluding 18 percent VAT.

Meanwhile, Kardemir closed its domestic rebar sales today, March 14, after selling about 45,000 mt in total. The mill had opened its rebar sales on February, at the level of TRY 2,716/mt ($517/mt) ex-works, excluding VAT. Additionally, Icdas’s domestic rebar sales prices are still at TRY 2,725/mt ex-works, excluding VAT.

As of today, March 14, rebar offers in the Turkish spot market are as follows:

All prices are ex-warehouse and on actual weight basis and exclude VAT.

$1 = TRY 5.47

$1 = TRY 5.25 (Feb. 13)