Turkish domestic rebar spot prices rise amid costlier import scrap

Most Turkish mills have increased their local rebar prices slightly in line with the upward trend in the import scrap prices. The Turkish Central Bank has decided to keep interest rates stable at 37 percent today, July 23.

A few Marmara-based mill has set their rebar prices at $585-590/mt ex-works officially. In addition, Turkish workable domestic dollar-based rebar offers in the Marmara region have increased by $5/mt today to $580-585/mt ex-works including Icdas A.S.'s prices, compared to July 20. In the Izmir region, one of the mills has raised its rebar price by TRY 600/mt ($10/mt) to TRY 32,800/mt ($579/mt) ex-works officially. Another large mill in the same region has also raised its rebar price, by TRY 100/mt ($1/mt) to TRY 32,300/mt ($570/mt) ex-works, as compared to July 20. According to sources, the overall workable rebar prices for cash payment from mills in the Marmara and Izmir regions are at around $570-585/mt ex-works, also up $5/mt compared to July 20.

One of the main players in the Iskenderun region raised its rebar price by TRY 300/mt to TRY 32,850/mt ($580/mt) ex-works yesterday and today also raised its rebar price by another TRY 50/mt to TRY 32,900/mt ($580/mt) ex-works in order to offset currency fluctuations. Sources report that several Iskenderun-based rolling mills have set their rebar prices for serious buyers and cash payments at TRY 32,400-32,600/mt ($572-575/mt) ex-warehouse, up by TRY 400/mt ($6-7/mt) over the same period.

Currently, local 12 mm rebar prices in the spot market in Turkey are in the range of TRY 32,400-33,100/mt ($572-584/mt) ex-warehouse, up by TRY 300-400/mt ($5-7/mt) over the same period.

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 47.23