Turkish domestic rebar spot prices increase slightly

As of today, January 23, Turkish domestic rebar spot prices have risen by TRY 100/mt ($1/mt), with minor changes on US dollar basis, as compared to Thursday, January 16. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 23,500-23,800/mt or $549-556/mt ex-warehouse, depending on the region, at an exchange rate of $1 = TRY 35.66. Despite the ongoing currency fluctuations most local buyers are in wait-and-see mode as regards new purchases, which has prevented rebar spot prices from increasing so far. 

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 $545-555/mt ex-works, for cash payment only. Moreover, one Marmara-based mill has closed its rebar sales until the beginning of next week due to the unclear situation in the import scrap segment.

One Iskenderun-based mill has issued at its rebar price at TRY 23,900/mt ($559/mt) ex-works today. The official rebar price range varies at TRY 23,900-24,000/mt ($559-561/mt) ex-works, while a few re-rollers in this region are offering rebar at TRY 23,600-23,750/mt ($552-555/mt) ex-warehouse, SteelOrbis has heard.

The Turkish Central Bank has cut interest rates to 45 percent today.

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 35.66