Turkish domestic rebar spot prices rise significantly in the local currency

Today, June 8, Turkish domestic rebar spot prices have risen by TRY 1,000-1,200/mt, while falling by $7-15/mt compared to Tuesday, June 6, against the backdrop of the positive sentiment in the import scrap segment, currency fluctuations, and the unclear financial situation in the country. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 17,800-18,000/mt or $644-652/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 23.41.

Icdas A.S. has kept its official dollar-based rebar price at $650/mt ex-works, with an exchange rate of $1 = TRY 23.41 today. Sources report that a few Marmara-based mills have been offering official rebar prices at TRY 18,200/mt ($660/mt) ex-works today, while a few mills have closed their rebar sales due to the unclear currency situation.

One Iskenderun-based mill is offering rebar at TRY 17,550/mt ($635/mt) ex-works, rising by TRY 1,300/mt, while falling by $3/mt on US dollar basis, compared to two days ago. Another mill in the region was also offering rebar at TRY 17,800/mt ($644/mt) ex-works, rising by TRY 1,300/mt while down $3/mt on US dollar basis, over the same period.

Most local traders have concerns regarding the ongoing currency fluctuations 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 23.41