Turkish domestic rebar spot prices rise significantly

Today, May 3, Turkish domestic rebar prices have risen by TRY 290-380/mt  ($27-36/mt), after the Icdas A.S.‘s sharp rebar price hike and stronger scrap prices since the end of last week. Accordingly, 12 mm rebar spot prices in Turkey are now at TRY 6,500-6,600/mt or $663-673/mt ex-warehouse, depending on the region.

Icdas A.S. opened its rebar sales at $670/mt ex-works at the current exchange rate earlier today, up by $40/mt from the end of last week. In line with this rebar price hike, some Marmara-based mills have opened their rebar sales at $675-685/mt ex-works at the current exchange rate. Also, Izmir Demir Celik(IDC) opened its rebar sales at $670/mt ex-works at the current exchange rate at noon today and closed its sales in the afternoon. Moreover, one Turkish mill in Izmir region is currently offering rebar at $655-660/mt ex-works, while, according to sources, around 20,000-40,000 mt of rebar has been traded in the Izmir region in this price range today.

In the Iskenderun region, Bastug Metallurgy opened its rebar sales at TRY 6,580/mt ($6/mt) ex-works earlier today, up by TRY 280/mt from the end of last week.

In the Samsun region, Yesilyurt A.S. rebar sales are closed until May 25, while in the Karabuk region Yolbulan A.S. has not announced any fresh rebar price today.

It is worth mentioning that some traders expect that rebar prices will gain momentum and will restock some tonnages to be on the safe side.

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 8.31