Turkish domestic rebar spot prices follow diverse trends

Today, July 1, Turkish domestic rebar spot prices have fallen by TRY 100/mt with minor changes on US dollar basis in the Izmir region and Karabuk regions, while remaining unchanged in the local currency and rising by only $4/mt in the rest of the country, amid the ongoing currency fluctuations and sluggish demand, as compared to Thursday, June 27. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 22,900-24,000/mt or $584-612/mt ex-warehouse, depending on the region, at an exchange rate of $1 = TRY 32.68.

Icdas has kept its official dollar-based rebar price stable today at $620/mt ex-works. In addition, the workable rebar prices in the Izmir and Marmara regions vary at $585-600/mt ex-works, rising by $5/mt on the lower end due to the ongoing currency fluctuations, for serious buyers and cash payment only.

One Iskenderun-based mill is still offering its rebar price today at TRY 24,000/mt ($612/mt) ex-works for an extended delivery period, also remaining stable in the local currency, while rising by $4/mt on US dollar basis over the same period due to the currency fluctuations.

A few local traders are optimistic that local rebar spot prices may increase slightly due to the positive sentiment in the import scrap segment. However, the demand side does not seem to be supportive or to be ready for a rebar price hike for now.

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 32.68