Turkish domestic rebar spot prices increase further

Today, February 22, Turkish domestic rebar spot prices have increased by TRY 250-400/mt ($10-18/mt) from the previous day, amid higher import scrap prices and limited supply following the earthquakes in Hatay. Only a few mills are active in the local rebar sales these days. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 16,450-16,850/mt or $738-756/mt ex-warehouse, depending on the region.

According to sources, a few mills in the Marmara and Izmir regions were offering rebar at $740-750/mt ex-works earlier today. Around a sale of a lot of 50,000 mt of rebar was rumored at $635-640/mt ex-works in the Izmir region and the mill closed its rebar sales in the afternoon. The final tonnage sold has not been confirmed by the time of publication. In addition, Kardemir is reported to have sold over 20,000 mt of rebar at $730/mt ex-works today.

Sources report over 30,000 mt of rebar were traded at $720-725/mt ex-works in the Iskenderun and Izmir regions from stocks since the beginning of this week. All in all, over 100,000 mt of rebar were traded at $720-740/mt ex-works since the beginning of this week, which seems one of the main drivers of domestic rebar demand. Most local buyers are restocking material amid the positive sentiment in the import scrap and billet segments, and against the backdrop of currency fluctuations ahead of the Turkish Central Bank's interest rate decision due tomorrow.

Most local traders are also expected to increase their spot rebar prices further due to rumors that even $760-770/mt e-works may be tested by Turkish mills during the rest of the week, though without any official confirmation yet.

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 18.88