Turkish domestic rebar spot prices fall sharply as week begins

Today, May 2, Turkish domestic rebar spot prices have decreased by TRY 250-300/mt ($12-14/mt) compared to Thursday, April 27, following Icdas's latest price decrease, against the backdrop of the negative sentiment in the import scrap segment and rapid currency fluctuations . Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 15,000-15,200/mt or $653-662/mt ex-warehouse, depending on the region. Sources report that a few local traders are applying aggressive pricing policies and giving additional discounts for serious buyers.     

Icdas A.S. has cut its official rebar price by $30/mt to $660/mt ex-works today. A few mills in the Marmara region are offering rebar at $660-670/mt ex-works, SteelOrbis has heard. According to sources, some tonnages of rebar have been traded at around $650/mt ex-works in the Marmara and Izmir regions today, while confirmation of the final tonnage transacted has not been available by the time of publication. A few mills are rumored to have stopped their production, while a few mills have stopped quoting any rebar price for now and are monitoring the import scrap price trend and negotiating the rebar price for individual orders for serious buyers only. 

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 19.47