Today, March 21, Turkish domestic rebar spot prices have remained stable on Turkish lira basis with rising by $4-5/mt on US dollar basis amid the appreciation of the Turkish lira against the US dollar, compared to Monday, March 18. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 23,100-23,900 mt or $600-621/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 32,07.
Icdas has kept its official dollar-based rebar price at $620/mt ex-works today. The general official rebar price range in the Marmara and Izmir regions varies at $590-620/mt ex-works. An additional sizeable discount is applicable for serious buyers only.
One Iskenderun-based mill is offering its official rebar price at TRY 24,000/mt ($624/mt) ex-works today. Source report that a small tonnage of rebar was traded at TRY 23,800/mt ($618/mt) ex-works in this region earlier this week.
The Turkish Central Bank has decided to raise its interest rate from 45 percent to 50 percent today. Some market players had expected it to increase the interest rate in April after the Turkish local elections, with this new increase coming as a surprise to them.
As of today, rebar offers in the Turkish spot market are as follows:
Region |
Dimension |
Price ($/mt) |
Price (TRY/mt) |
Price changes ($/mt) |
Price changes (TRY/mt) |
18.03.2024 |
18.03.2024 |
||||
Marmara |
8 mm |
642 |
24,700 |
+5 |
0 |
Marmara |
12 mm |
616 |
23,700 |
+5 |
0 |
Iskenderun |
8 mm |
647 |
24,900 |
+5 |
0 |
Iskenderun |
10 mm |
642 |
24,700 |
+5 |
0 |
Iskenderun |
12 mm |
621 |
23,900 |
+5 |
0 |
Izmir |
8 mm |
626 |
24,100 |
+4 |
0 |
Izmir |
10 mm |
621 |
23,900 |
+5 |
0 |
Izmir |
12 mm |
600 |
23,100 |
+4 |
0 |
Karabuk |
8 mm |
634 |
24,400 |
+5 |
0 |
Karabuk |
12 mm |
608 |
23,400 |
+4 |
0 |
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 32.07