Trading activity still slack in local Turkish rebar market

Following the general elections in Turkey, held on June 24, market players in the local Turkish rebar market have stated that it is still too early to make a prediction regarding the situation of trading activity in the market. Although buyers’ inventories are low, the market uncertainty resulting from the rapid fluctuations in Turkish lira-US dollar exchange rate is preventing them to make bookings. As Turkish lira gained value against the US dollar this morning, Turkish steel mills, Icdas and Bastug Metalurji has revised their domestic market prices downwards. Icdas’ 12-32 mm rebar prices in Turkey's Marmara region are now at TRY 2,602/mt ($564/mt) + VAT ex-works, moving down by TRY 84-85/mt + VAT as compared to its previous price list issued on June 19, while due to currency fluctuations prices have moved down by $2-3/mt on US dollar basis. Meanwhile, Bastug Metalurji's domestic rebar quotations for 12-32 mm rebar are at TRY 2,576/mt ($559/mt) ex-works and excluding VAT, down by TRY 51/mt + VAT as compared to its previous price list issued on June 18, while due to currency fluctuations prices have increased by $2/mt on US dollar basis.  

Meanwhile, prices in the local Turkish spot rebar market have declined by TRY 34-51/mt as compared to SteelOrbis report published on June 21.

As of today, June 25, traders’ rebar offers in the Turkish domestic market are as follows: 

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