Turkish domestic rebar spot prices move up again

Today, May 6, Turkish domestic rebar spot prices have increased by TRY 130-170/mt ($13-17/mt), following Icdas’s sharp rebar price hike. Accordingly, 12 mm rebar spot prices in Turkey are now at TRY 6,780-6,850/mt or $689-696/mt ex-warehouse, depending on the region.

Turkish Central Bank has kept interest rates stable today. Demand is relatively silent as most local rebar buyers are maintaining a wait-and-see stance as regards new purchases, while struggling with financial difficulties to cover such sharp price increases in the short term.

Icdas has raised its rebar price by $20/mt today to $700/mt ex-works at the current exchange rate. Moreover, most Marmara-based mills are currently offering rebar at $705-710/mt ex-works.

Most Izmir-based mills are offering rebar at $695-700/mt ex-works. According to sources, around 30,000 mt of rebar were traded in Izmir region at $680/mt ex-works yesterday.

In the Iskenderun region, Bastug Metallurgy’s rebar sales has opened its rebar sales at TRY 6,880/mt (699/mt) while Koc Metallurgy opened its rebar sales at TRY 6,880/mt ($699/mt) ex-works and closed its rebar sales in the afternoon. Moreover, one re-roller in this region also opened its rebar sales at TRY 6,880/mt ($699/mt) ex-warehouse on the same day.

In the Karabuk region Yolbulan A.S. rebar sales are still closed.

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 8.34