Turkish domestic rebar spot prices soften

Today, January 18, Turkish domestic rebar spot prices have fallen by TRY 100/mt ($3-4/mt), compared to Monday, January 15, against the backdrop of the ongoing currency fluctuations and sluggish demand. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 22,400-22,900/mt or $619-633/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 30.15.

Icdas has kept its official dollar-based rebar price stable at $630/mt ex-works today. The general official rebar price range in the Marmara and Izmir regions now varies at $620-640/mt ex-works, falling by $5/mt on the lower end over the same period.

One Iskenderun-based mill is still offering rebar at TRY 22,750/mt ($629/mt) ex-works for February delivery. In addition, a few re-rollers in the same region are issuing official rebar offers at TRY 22,700-23,100/mt ($627-638/mt) ex-warehouse.

One Samsun-based mill is also offering rebar at TRY 23,400/mt ($647/mt) ex-works.

*All rebar prices in the Iskenderun and Samsun regions only indicate minor changes on US dollar basis.

As the Turkish Employers Association of Metal Industries’ labor contract negotiations have ended, most market players expect that rebar prices may increase in the short term. In addition, the Turkish Central Bank is going to announce its new interest rates by Thursday, January 25.

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 20 percent VAT, while prices on US dollar basis exclude VAT. 

$1 = TRY 30.15