Turkish domestic rebar prices make upward start to current week

Monday, 11 March 2019 17:21:33 (GMT+3)   |   Istanbul
       

Turkish mills have made an upward revision to their domestic rebar prices today, March 11, the first working day of the current week. It was observed last week that domestic rebar prices in Turkey had increased amid the depreciation of the Turkish lira against the US dollar, and also due to the rises recorded in scrap quotations. Although the Turkish lira has regained some strength against the US dollar at the beginning of the current week, the Turkish lira is still weak at TRY 5.44 to a dollar. Additionally, scrap prices have continued to rise. As a result, domestic rebar prices in Turkey have increased to TRY 2,695-2,737/mt ($495-503/mt) ex-works, excluding 18 percent VAT.

Market sources state that demand in the local Turkish rebar market is still at low levels, while market players are waiting to see the situation after the local elections in Turkey to be held on March 31.

Meanwhile, Turkish steel producer Icdas has revised its domestic rebar prices today, March 11, increasing them by TRY 15/mt +VAT to TRY 2,725/mt ($500/mt) ex-works, excluding VAT. In the meantime, Izmir Demir Celik has raised its rebar prices by $10/mt today to TRY 2,720/mt ($499/mt) ex-works, excluding VAT.

As of today, March 11, traders’ rebar offers in the Turkish domestic market are as follows:

Region

Dimension

Price (TRY/mt)

Price ($/mt)

Price changes (TRY/mt)

Price changes ($/mt)

07.03.2019

07.03.2019

Marmara

8 mm

2,737

503

25

5

Marmara

12 mm

2,720

500

25

6

Iskenderun

8 mm

2,720

500

8

2

Iskenderun

10 mm

2,708

498

9

3

Iskenderun

12 mm

2,695

495

9

2

Izmir

8 mm

2,712

499

26

6

Izmir

10 mm

2,703

497

25

6

Izmir

12 mm

2,695

495

26

5

Karabuk

8 mm

2,737

503

42

9

Karabuk

12 mm

2,720

500

42

9


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

$1 = TRY 5.44


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