Turkish domestic rebar spot prices fall below $640/mt

Today, May 31, Turkish domestic rebar spot prices have increased by TRY 100-300/mt in the local currency, while falling by $3-11/mt on US dollar basis compared to Monday, May 29, amid the ongoing depreciation of the Turkish lira against the US dollar and the unclear financial situation in the country.  Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 15,700-15,800/mt or $634-638/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 21.00.

Icdas A.S. has kept its official dollar-based rebar price at $650/mt ex-works today. Sources report that a few Marmara-based mills were offering rebar at TRY 15,800-16,000/mt ($638-646/mt) ex-works earlier today. In addition, one Izmir-based mill issued its official rebar price at $650/mt ex-works earlier today, with an exchange rate of $1 = TRY 21.00.

One Iskenderun-based mill is offering rebar at TRY 15,900/mt ($642/mt) ex-works today. Another mill in the region opened its rebar sales at TRY 16,100/mt ($650/mt) ex-works earlier today. Most Turkish mills closed their rebar sales this afternoon due to the unclear financial situation in the country. As a result, the mills' rebar prices are expected to be revised tomorrow.

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

All prices are ex-warehouse and on actual weight basis. Prices on Turkish lira basis include 18 percent VAT, while prices on US dollar basis exclude VAT.

$1 = TRY 21.00