Turkish domestic rebar spot prices mostly stable in local currency as week begins, trading activity slows ahead of Ramadan

As of today, February 9, local rebar prices in the Turkish spot market have mostly remained stable in the local currency with minor changes on US dollar basis compared to February 5, against the backdrop of ongoing currency fluctuations and sluggish demand, while only rising by TRY 300/mt ($5/mt) in the Iskenderun region where rebar prices fell below $540/mt ex-works last week and have bounced back to $540/mt ex-works this week. Consequently, local 12 mm rebar prices in the spot market are now in the range of TRY 28,300-29,000/mt ($541-554/mt) ex-warehouse, depending on the region, with the exchange rate at $1 = TRY 43.60. 

Official rebar offers for cash payments in the Marmara and Izmir regions, including İçdaş' prices, have settled at $545-565/mt ex-works, falling by $5/mt on the higher end compared to February 5, while acceptable prices are at $540-560/mt ex-works, stable over the same period.

One Iskenderun-based mill has set its official rebar price today at TRY 28,250/mt ($540/mt), indicating a decrease of TRY 250/mt ($4/mt) compared to February 5. Another Iskenderun-based mill has started offering its official rebar price today at TRY 28,800/mt($550/mt) ex-works for cash payment. Sources say several Iskenderun-based rolling mills are offering rebar today to serious buyers at TRY 28,250-28,550/mt ($540-546/mt) ex-warehouse, also up TRY 250/mt ($4/mt) over the same period.

One Samsun-based mill has extended its rebar closure until Monday, February 16.

Trading activity is slowing down due to Ramadan which will begin next Thursday, February 19.

All prices are ex-warehouse and on actual weight basis. Prices in Turkish liras include 20 percent VAT, while prices in US dollars exclude VAT.

$1 = TRY 43.60