Turkish domestic rebar spot prices fall below $755/mt

Today, March 16, Turkish domestic rebar spot prices have decreased by TRY 100/mt ($5-6/mt) in the Iskenderun region, while remaining stable in the local currency in the rest of the country with minor changes on US dollar basis as compared to Monday, March 13, against the backdrop of the exchange rate reaching the expected level of $1 = TRY 19.00 today. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 16,800-16,900/mt or $749-754/mt ex-warehouse, depending on the region. The official rebar prices of Icdas A.S. and Izmir Demir Celik have remained unchanged at $750-770/mt ex-works today. According to sources, most Marmara-based mills are offering rebar at $760/mt ex-works.

In the Karabuk region, Yolbulan Metallurgy opened its rebar sales at TRY 16,950/mt ($756/mt) ex-works at the current exchange rate today.

In the Iskenderun region, Bastug Metallurgy has also opened its rebar sales at TRY 16,950/mt ($756/mt) ex-works at the current exchange rate today. Another mill in the region has kept its official rebar price at TRY 17,100/mt ($763/mt) ex-works.

According the sources, the workable rebar price range is at $750-760/mt ex-works, while some local traders also exert pressure for additional discounts due to the sluggish demand ahead of Ramadan which will start next week and the Turkish Central Bank’s interest rate decision due on Thursday, March 23.

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 19.00