Turkish domestic rebar spot prices increase sharply ahead of Ramadan

As of today, February 16, local rebar prices in the Turkish spot market have risen by TRY 400/mt ($7/mt) compared to February 12, against the backdrop of ongoing currency fluctuations and relatively reduced supply ahead of Ramadan. Consequently, local 12 mm rebar prices in the spot market are now in the range of TRY 28,700-29,400/mt ($547-561/mt) ex-warehouse, depending on the region, with the exchange rate at $1 = TRY 43.70. A few local traders are applying aggressive pricing policies and giving sizeable discounts in order to generate cash.

Official rebar offers for cash payments in the Marmara and Izmir regions, including İçdaş' prices, have settled at $550-565/mt ex-works, up by $5/mt on the lower end compared to February 12, while acceptable prices are at $545-560/mt ex-works, also up by $5/mt on the lower end over the same period.

One Iskenderun-based mill has set its official rebar price today at TRY 28,700/mt ($547/mt), indicating an increase of TRY 350/mt ($6/mt) compared to February 12. Sources say several Iskenderun-based rolling mills are offering rebar today to serious buyers at TRY 28,700-28,900/mt ($547-551/mt) ex-warehouse, up TRY 300-350/mt ($5-6/mt) as compared to February 12.

One Samsun-based mill has extended its rebar sales closure until Monday, February 23.

All prices are ex-warehouse and on actual weight basis. Prices in Turkish liras include 20 percent VAT, while prices in US dollars exclude VAT.

$1 = TRY 43.70