Turkish domestic rebar spot prices rise in local currency

Today, June 5, Turkish domestic rebar spot prices have risen by TRY 150-200/mt with minor changes on US dollar basis, compared to Thursday, June 1, in order to offset currency fluctuations and the unclear financial situation in the country. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 16,150-16,200/mt or $644-646/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 21.25.

Icdas A.S. has kept its official dollar-based rebar price at $650/mt ex-works, with an exchange rate of $1 = TRY 21.20 earlier today. Sources report that a few Marmara-based mills were offering official rebar prices at TRY 16,300-16,400/mt ($650-655/mt) ex-works, rising by TRY 200/mt and stable on US dollar basis over the same period. In addition, one Izmir-based mill has kept its official dollar-based rebar price at $650/mt ex-works, with an exchange rate of $1 = TRY 21.25.

One Iskenderun-based mill is offering rebar at TRY 16,150/mt ($644/mt) ex-works, rising by TRY 150/mt and with minor changes on US dollar basis.

The general mood in the local Turkish rebar market is quiet for now following the announcement of the new ministerial cabinet. Most local buyers are monitoring the import scrap price trend and are taking their time before concluding new purchases.

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 21.50