With the Central Bank of Turkey increasing the reserve requirement ratios for foreign exchange (FX) deposits and participation funds by 200 basis points for all maturity brackets to support financial stability, the Turkish lira has strengthened from TRY 6.08 to TRY 6.05 to the US dollar. As a result, domestic rebar prices in Turkey, except in Turkey’s Karabuk region, have been revised downwards. SteelOrbis has been informed that buyers are unwilling to increase their inventory levels ahead of the end-of-Ramadan holiday since this will result in higher inventory costs, and so they continue to conclude purchases only in line with their needs.
Additionally, today, Turkish mill Icdas has decreased its 12-32 mm rebar prices by TRY 20/mt to TRY 2,940/mt ($486/mt) ex-works, while Izmir Demir Celik has reduced its 12-32 mm rebar prices by TRY 25/mt to TRY 2,941/mt ($486/mt) ex-works, both excluding VAT.
As of today, May 27, rebar offers in the Turkish spot market are as follows:
|
Region |
Dimension |
Price (TRY/mt) |
Price ($/mt) |
Price changes (TRY/mt) |
Price changes ($/mt) |
||
|
24.05.2019 |
24.05.2019 |
||||||
|
Marmara |
8 mm |
2,907 |
480 |
↓ |
17 |
↓ |
2 |
|
Marmara |
12 mm |
2,890 |
478 |
↓ |
17 |
↓ |
1 |
|
Iskenderun |
8 mm |
2,907 |
480 |
↓ |
8 |
|
0 |
|
Iskenderun |
10 mm |
2,894 |
478 |
↓ |
9 |
|
0 |
|
Iskenderun |
12 mm |
2,881 |
476 |
↓ |
9 |
|
0 |
|
Izmir |
8 mm |
2,915 |
482 |
↓ |
9 |
|
0 |
|
Izmir |
10 mm |
2,907 |
480 |
↓ |
8 |
|
0 |
|
Izmir |
12 mm |
2,898 |
479 |
↓ |
9 |
|
0 |
|
Karabuk |
8 mm |
2,881 |
476 |
0 |
↑ |
1 |
|
|
Karabuk |
12 mm |
2,864 |
473 |
0 |
↑ |
1 |
|
All prices are ex-warehouse and on actual weight basis and exclude 18 percent VAT.
$1 = TRY 6.05