Turkish domestic rebar spot prices mostly rise in local currency

As of today, July 17, Turkish domestic rebar spot prices have mostly increased by TRY 100-300/mt with minor changes on US dollar basis, except Izmir region amid ongoing currency fluctuations and costlier production costs, compared to Monday, July 14. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 25,500-26,300/mt or $528-544/mt, ex-warehouse, depending on the region, at an exchange rate of $1 = TRY 40,28.

The official rebar prices in the Marmara and Izmir regions vary at $530-560/mt ex-works, including Icdas A.S.’s prices, stable as compared to July 14, while the workable rebar prices in these regions vary at $530-550/mt ex-works, up by $5/mt over the same period, for cash payment only. A few mills are rumored to apply aggressive pricing policy to generate cash and offer slightly below $530-550/mt ex-works range.

One Iskenderun-based mill has issued its official rebar price today at TRY 26,750/mt ($553/mt) ex-works. Sources report a few re-rollers in this region are offering rebar at around TRY 25,400-25,800/mt ($525-534/mt) ex-warehouse, for serious buyers. All abovementioned rebar prices in the Iskenderun region unchanged in the local currency with minor changes on US dollar basis.

The size availability becomes an issue once again this week. Most local buyers are in a wait and see stance until Turkish Central Bank's interest rate decision on Thursday, July 24.

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 40.28