Turkish domestic rebar spot prices follow diverse trends

Today, May 25, Turkish domestic rebar spot prices have risen by TRY 100-300/mt with minor changes on US dollar basis compared to Monday, May 22, amid the ongoing currency fluctuations and the unclear financial situation in the country. Only rebar spot prices in the Karabuk region have remained unchanged in the local currency over the same period. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 15,300-15,400/mt or $648-653/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 20.00.

Icdas A.S. is offering its official rebar price at TRY 15,816/mt, including 18 percent VAT, while no dollar-based prices have been given in the last two days. Sources report that a few Marmara-based mills are offering rebar at TRY 15,500-15,600/mt ($657-661/mt) ex-works. In addition, one Izmir-based mill has issued its rebar price at TRY 15,800/mt ex-works or $669/mt ex-works, with an exchange rate of $1 = TRY 20.00.

The Turkish Central Bank has kept interest rates stable today, as expected. However, most market players have concerns regarding the likely trend of the exchange rate after the second round of the presidential election which will be held on Sunday, May 28, creating negative sentiment among buyers.

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 20.00