Turkish domestic rebar spot prices mostly stable in local currency

Today, October 10, Turkish domestic rebar spot prices have only increased by TRY 200/mt ($6/mt) in the Marmara region as compared to October 7, due to limited supply, while one Marmara-based mill has closed its rebar sales due to its ongoing export bookings. In addition, rebar spot prices have remained stable in the local currency in the rest of the country, with minor changes on US dollar basis due to the ongoing currency fluctuations. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 25,600-26,700/mt or $623-650/mt ex-warehouse, depending on the region, at an exchange rate of $1 = TRY 34.22.

The workable rebar prices in the Marmara and Izmir regions vary at $625-655/mt ex-works, rising by $10/mt on the higher end, including prices from Icdas A.S., since the beginning of this week, for serious buyers and cash payment only. 

One Iskenderun-based mill has issued its rebar price at TRY 27,000/mt ($658/mt) ex-works today. 

On the demand side, a few traders are applying aggressive pricing policies to generate cash and are giving additional discounts, SteelOrbis has heard. "A few traders believe the mills' rebar prices have hit a peak and local buyers do not seem willing to accept further rebar price increases," one source commented.

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 34.22