Turkish domestic rebar spot prices mostly move down

Today, August 31, Turkish domestic rebar spot prices have mostly fallen by TRY 100/mt ($5-6/mt) compared to Thursday, August 25, amid rapid currency fluctuations and the unclear financial situation in the country. Only rebar spot prices in the Iskenderun region have remained stable in the local currency, with minor changes on US dollar basis over the same period,  Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 13,600-14,000/mt or $634-652/mt ex-warehouse, depending on the region.

Most Marmara and Izmir-based mills are offering rebar at $650-670/mt ex-works, including Icdas A.S. The higher end seems a bit difficult to achieve when the previous rebar sales of around 30,000 mt at $630/mt ex-works in the Izmir region and of 5,000 mt of rebar at $645/mt ex-works in the Marmara region at the end of last week are taken into account. Some local traders’ stock levels are low and they are monitoring the import scrap and billet price trends before restocking.

Turkish mills are either reducing their production capacities or stopping production given the sluggish international demand. One Iskenderun-based mill is expected to start maintenance works starting from Saturday, September 3 for a period of15 days.

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 18.19