Today, on June 10, Turkish domestic rebar spot prices have risen by TRY 30-100/mt ($13-20/mt) due to the positive sentiment in the local scrap segment, relatively better demand, and currency fluctuations. Accordingly, 12 mm rebar spot prices in Turkey are now at TRY 7,150-7,240/mt or $715-724/mt ex-warehouse, depending on the region.
Most mills in the Marmara region have started quoting at $725-730/mt ex-works, up by $5-10/mt today, following Icdas’s recent price hike by an additional $10/mt to $720/mt ex-works today.
In the Izmir region, Izmir Demir Celik (IDC) is currently offering rebar $720/mt ex-works, up by $10/mt today. According to sources, around 30,000-40,000 mt of rebar have been traded in the Izmir region at $690-705/mt ex-works since the beginning of this week.
In the Iskenderun region, Bastug Metallurgy and one of the re-rollers have opened their rebar sales at TRY 7,300/mt ($730/mt) ex-works/ex-warehouse today, up by TRY 100/mt ($20/mt).
“Including Kardemir’s recent 50,000 mt of rebar sales at $685/mt ex-works, around 140,000-150,000 mt in total have been traded at $685-705/mt ex-works in Turkey since the beginning of this week,” a source mentioned. In addition, Turkish mills have traded at least 100,000 mt for exports since last week at $740-745/mt FOB, as SteelOrbis reported earlier.
Most local traders are restocking as they had not bought for a while in the negative market situation. Although construction activity has been consuming limited tonnages lately, the general sentiment among local traders is positive, while some believe rebar prices may increase further and are monitoring the import scrap segment and currency fluctuations. Moreover, the Turkish Central Bank’s interest rate decision due to be announced by June 17 is a key issue.
As of today, rebar offers in the Turkish spot market are as follows:
Region |
Dimension |
Price ($/mt) |
Price (TRY/mt) |
Price changes ($/mt) |
Price changes (TRY/mt) |
9.06.2021 |
9.06.2021 |
||||
Marmara |
8 mm |
726 |
7,260 |
+19 |
+90 |
Marmara |
12 mm |
724 |
7,240 |
+19 |
+90 |
Iskenderun |
8 mm |
718 |
7,180 |
+20 |
+100 |
Iskenderun |
10 mm |
716 |
7,165 |
+19 |
+100 |
Iskenderun |
12 mm |
715 |
7,150 |
+19 |
+100 |
Izmir |
8 mm |
717 |
7,170 |
+13 |
+30 |
Izmir |
10 mm |
716 |
7,160 |
+13 |
+30 |
Izmir |
12 mm |
715 |
7,150 |
+13 |
+30 |
Karabuk |
8 mm |
719 |
7,190 |
+17 |
+70 |
Karabuk |
12 mm |
717 |
7,170 |
+17 |
+70 |
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 8.48