Turkish domestic rebar spot prices follow diverse trends

As of today, January 27, Turkish domestic rebar spot prices have risen by TRY 100/mt ($1/mt) in the Iskenderun region, while falling by TRY 200/mt ($6/mt) in the Izmir region, and have remained stable in the local currency with minor changes on US dollar basis in the rest of the country, as compared to Thursday, January 23. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 23,300-23,800/mt or $543-555/mt ex-warehouse, depending on the region, at an exchange rate of $1 = TRY 35.73.

The official rebar prices in the Marmara and Izmir regions vary at $550-580/mt ex-works, including Icdas A.S’s prices, while the workable rebar prices in these regions vary at $540-555/mt ex-works, down by $5/mt on the lower end for cash payment only.

The official rebar price range in the Iskenderun region varies at TRY 23,700-24,100/mt ($553-562/mt) ex-works, while a few re-rollers in this region are offering rebar at TRY 23,600-23,700/mt ($550-553/mt) ex-warehouse.

Following the Turkish Central Bank's interest rate cut last week, loan interest rates have not fallen as expected yet. The main reason is the high demand for bank loans and the tightness of credit supply. As a result, most local buyers are only purchasing in line with their daily needs.

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 35.73