Turkish domestic rebar spot prices increase sharply

Today, September 1, Turkish domestic rebar spot prices have increased by TRY 900-1,200/mt ($40-50/mt), following Icdas’ $40/mt rebar price hike earlier today. The main reasons are higher energy costs and rapid currency fluctuations. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 14,800-14,900/mt or $688-693/mt ex-warehouse, depending on the region.

Most mills in the Marmara and Izmir regions are currently offering their official rebar prices at $710/mt ex-works. Sources report that one Marmara-based mill succeeded in selling a small tonnage of rebar at $650/mt ex-works this morning, and then the mill has increased its rebar price by $60/mt to $710/mt ex-works. Most local traders are monitoring the import scrap and billet price trends before restocking. According to sources, some local traders are offering an additional $10/mt discount for serious buyers taking advantage of rapid currency fluctuations.

In the Iskenderun region, a few mills have opened their rebar sales at $700/mt ex-works.

In the Karabuk region, Kardemir closed its rebar sales after selling around 16,150 mt this morning at TRY 11,695/mt ex-works excluding VAT, equal to $642/mt ex-works at the current exchange rate. Sources report that an additional tonnage may be available, though 16,150 mt is the confirmed rebar tonnage sold by the time of publication.

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 18.22