Turkish domestic rebar spot prices fall below TRY 18,000/mt

Today, June 15, Turkish domestic rebar spot prices have fallen by TRY 50-400/mt, with minor changes on US dollar basis, compared to Monday, June 12, against the backdrop of the ongoing currency fluctuations and the unclear financial situation in the country and the relatively negative sentiment in the import scrap segment. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 17,600-17,750/mt or $630-636/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 23.67.  

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 have been offering official rebar prices at TRY 18,250/mt ($653/mt) today. An Izmir-based mill is offering rebar at TRY 17,580/mt ($629/mt) ex-works today.  

In the Samsun region, Yesilyurt Metallurgy's rebar sales have been closed until Monday, June 19. 

It is worth mentioning that Kardemir has succeeded in selling 34,500-40,000 mt of rebar at TRY 15,000/mt ($635/mt) with an exchange rate of $1 = TRY 23.64 earlier today. As a result, some people believe that the workable rebar price seems to be close to the $630-635/mt ex-works range. 

"Turkish mills are attempting to keep their official rebar prices stable, while some local traders are applying aggressive pricing policies to generate cash as the week ends" one source mentioned. 

 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 23.67