Turkish domestic rebar spot prices rise sharply in local currency

Today, March 8, spot prices in the Turkish domestic rebar market have risen by TRY 80-120/mt amid rapid currency fluctuations during the day, down by $3-8/mt on US dollar basis. Accordingly, 12 mm rebar spot prices in Turkey are now at TRY 5,720-5,800/mt or $630-638/mt ex-warehouse, depending on the region.

Some Turkish mills have started to issue their rebar prices on US dollar basis today due to the rapid currency fluctuations.

$1 = TRY 7.56 at noon

$1 = TRY 7.70 in the evening.

Icdas has increased its rebar price in the local currency by TRY 20/mt to TRY 5,710/mt ($628/mt) at noon today. The producer’s rebar price was adjusted to $640/mt ex-works at the exchange rate seen later in the afternoon. One Marmara-based mill has also set its rebar price at $655/mt ex-works today.

One mill in the Izmir region is offering rebar at TRY $650/mt ex-works.

In the Samsun region, Yesilyurt A.S. has set its rebar price earlier today at TRY 5,800/mt, then adjusting it to $650/mt ex-works later in the afternoon, while in the Karabuk region Yolbulan A.S. has opened its rebar sales at TRY 5,825 ($641/mt) today and is expected to close them at short notice.

According to sources, the rebar market in Iskenderun region is lively today, though the tonnages traded and price details are expected to become clearer tomorrow.

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 7.70