After trending down for quite a long period amid sluggish market activity, the Turkish domestic rebar market has shifted to an uptrend this week on the back of increased demand from traders seeking to replenish their inventories ahead of the Feast of Sacrifice holiday which will begin in the middle of next week.
After the price increase, Turkish integrated long steel producer Kardemir has managed to receive rebar orders totaling 27,500 mt in its domestic sales opened on October 12 at the price level of TRY 1,064/mt ($591/mt), excluding 18 percent VAT, with the producer closing its sales as of today, October 18, although its sales volume remained below its normal batch volume. Tomorrow, Kardemir is expected to reopen its domestic rebar sales, increasing its prices.
In the Turkish domestic market, mills' rebar prices have risen to the range of TRY 1,068-1,085/mt ($593-603/mt) ex-works, exclusive of VAT, though it is yet to be seen how long the improved market confidence will last after the latest increases. On the other hand, in Turkish rebar mills' export markets so far no improvement has been observed which would support the domestic price increase. Consequently, some market players think that rebar prices in Turkey may again start to slide down after the holiday.
As of today, October 18, traders' rebar offers are as follows:
Region |
Dimension |
Price (TRY/mt) |
Price ($/mt) |
Price change (TRY/mt) 09.10.2012 |
Marmara |
8 mm |
1,280 |
603 |
+20 |
Marmara |
12 mm |
1,260 |
593 |
+20 |
Iskenderun |
8 mm |
1,285 |
605 |
+25 |
Iskenderun |
10 mm |
1,275 |
600 |
+25 |
Iskenderun |
12 mm |
1,265 |
596 |
+25 |
Izmir |
8 mm |
1,275 |
600 |
+15 |
Izmir |
10 mm |
1,260 |
593 |
+15 |
Izmir |
12 mm |
1,250 |
589 |
+15 |
Karabuk |
8 mm |
1,280 |
603 |
+15 |
Karabuk |
12 mm |
1,260 |
593 |
+15 |
All prices are ex-warehouse and on actual weight basis. The TRY prices include 18 percent VAT, while the US$ prices exclude VAT.
$1 = TRY 1.80