Turkish domestic rebar spot prices follow diverse trends

Today, October 26, Turkish domestic rebar spot prices have fallen by TRY 100/mt ($5-6/mt) in the Iskenderun and Izmir regions amid ongoing currency fluctuations and sluggish demand, while rebar spot prices in the Marmara and Karabuk regions have risen by TRY 100/mt with minor changes on US dollar basis in order to offset currency fluctuations as compared to Monday, October 23. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 18,300-18,900/mt or $542-559/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 28.16. 

Icdas has kept its official dollar-based rebar price at $570/mt ex-works today. Most Izmir and Marmara-based mills are offering official rebar prices at $540-575/mt ex-works today. Sources report that $540/mt ex-works is only valid in the Izmir region, for serious buyers and for cash payment. One Marmara-based mill plans to stop production this weekend. As a result, its official rebar price is a little higher than those of the other Marmara-based mills. 

One Iskenderun-based mill is offering official rebar price at TRY 18,700/mt ($553/mt) ex-works today.  

The Turkish Central Bank has decided to raise its interest rate from 30 percent to 35 percent. Most buyers are taking their time before concluding new purchases and are monitoring import scrap prices. 

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 20 percent VAT, while prices on US dollar basis exclude VAT.  

$1 = TRY 28.16