Turkish domestic rebar spot prices skyrocket

Today, March 2, Turkish domestic rebar spot prices have risen by TRY 700-1,000/mt ($33-52/mt) amid higher billet prices, currency fluctuations and Turkish mills’ sharp rebar price hikes. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 13,500-13,850/mt or $813-834/mt ex-warehouse, depending on the region.

Icdas A.S. has increased its rebar price by $40/mt to $810/mt ex-works today. Most mills in the Izmir and Marmara region opened their rebar sales at $800-820/mt ex-works in the morning and closed them in the afternoon. A small lot of rebar was traded at $810/mt ex-works in the Marmara region this week. Moreover, according to sources, around 25,000 mt of rebar were traded at $770/mt ex-works in the Izmir region earlier this week. However, these rebar prices are not valid now.

In the Iskenderun region, Koc Metallurgy closed its rebar sales after a couple of hours today after opening them at TRY 14,000/mt ($843/mt) ex-works.

In the Karabuk region, Yolbulan A.S. rebar sales have been closed since the middle of February.

On the demand side, most buyers are in somewhat of a panic and are monitoring the raw material and billet segments to gain a clearer picture 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 14.08