Today, August 24, Turkish domestic rebar spot prices have fallen by TRY 400-550/mt, while rising by $13-19/mt compared to Monday, August 21 following Turkish Central Bank's recent interest rate hike. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 18,650-18,750/mt or $602-605/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 25.83.
Most Marmara-based mills were offering their official rebar prices at $590-600/mt ex-works, including Icdas A.S. In addition, an Iskenderun-based mill issued its rebar sales price at TRY 19,000/mt ex-works earlier today. It equals to $613/mt ex-works at the current exchange rate, so it seems unachievable under the current market conditions. Sources believe due to the ongoing currency fluctuations mills are expected to cut their prices by tomorrow.
Most buyers are in a wait and see stance. "Local Turkish rebar market is expected to gain clarity by early next week," one source mentioned.
As of today, rebar offers in the Turkish spot market are as follows:
|
Region |
Dimension |
Price ($/mt) |
Price (TRY/mt) |
Price changes ($/mt) |
Price changes (TRY/mt) |
|
21.08.2023 |
21.08.2023 |
||||
|
Marmara |
8 mm |
624 |
19,350 |
+17 |
-450 |
|
Marmara |
12 mm |
605 |
18,750 |
+16 |
-450 |
|
Iskenderun |
8 mm |
621 |
19,250 |
+14 |
-550 |
|
Iskenderun |
10 mm |
615 |
19,050 |
+14 |
-550 |
|
Iskenderun |
12 mm |
602 |
18,650 |
+13 |
-550 |
|
Izmir |
8 mm |
621 |
19,250 |
+17 |
-450 |
|
Izmir |
10 mm |
615 |
19,050 |
+17 |
-450 |
|
Izmir |
12 mm |
602 |
18,650 |
+16 |
-450 |
|
Karabuk |
8 mm |
623 |
19,300 |
+19 |
-400 |
|
Karabuk |
12 mm |
603 |
18,700 |
+17 |
-400 |
All prices are ex-warehouse and on actual weight basis. Prices on Turkish lira basis include 20 percent VAT, while prices on US dollar basis exclude VAT.
$1 = TRY 25.83