Turkish domestic rebar spot prices mostly revised to offset weaker currency

Today, February 5, Turkish domestic rebar spot prices have mostly risen by TRY 100/mt, while rising by TRY 300/mt ($4-5/mt) in the Karabuk region in the local currency following Kardemir's rebar sales last week, as compared to Thursday, February 1, amid the ongoing currency fluctuations and with US scrap prices in Turkey remaining firm with no support for upward movement. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 22,800-23,100/mt or $622-630/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 30.56.

Icdas has kept its official dollar-based rebar price stable at $640/mt ex-works today. The general official rebar price range in the Marmara and Izmir regions varies at $625-640/mt ex-works, down by $5/mt on the higher end, while a few mills are applying aggressive pricing policies to generate sales and are taking advantage of the depreciation of the Turkish lira against the US dollar.

One Iskenderun-based mill has issued its rebar price at TRY 23,300/mt ($635/mt) ex-works, rising by TRY 250/mt ($3/mt) over the same period, while a few re-rollers in the same region are quoting rebar at TRY 23,200-23,400/mt ($633-638/mt) ex-warehouse, versus TRY 23,000-23,200/mt ($631-637/mt) ex-warehouse last week.

On the demand side, the general sentiment is still negative so far.

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.

**Most rebar spot prices indicate minor changes on US dollar basis.

$1 = TRY 30.56