Turkish domestic rebar spot prices trend up

Today, June 1, Turkish domestic rebar spot prices have risen by TRY 200-300/mt ($8-12/mt) from the previous day, against the backdrop of the ongoing depreciation of the Turkish lira against the US dollar and the unclear financial situation in the country.  Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 16,000/mt or $646/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 21.00.

Icdas A.S. has kept its official dollar-based rebar price at $650/mt ex-works today. Sources report that a few Marmara-based mills were offering official rebar prices at TRY 16,100-16,200/mt ($650-655/mt) ex-works, while the workable rebar price is around TRY 16,000/mt ($646/mt) ex-works for the serious buyers only. In addition, one Izmir-based mill has issued its official rebar price at $650/mt ex-works, with an exchange rate of $1 = TRY 21.00.

One Iskenderun-based mill is offering rebar at TRY 16,000/mt ($645/mt) ex-works, rising by TRY 100/mt ($3/mt) today. Another mill in the region has opened its rebar sales today at TRY 16,300/mt ($658/mt) ex-works, rising by TRY 200/mt ($8/mt).

Sources report that a few local traders are destocking material in order to take advantage of the ongoing currency fluctuations. Around 15,000 mt of rebar were traded at TRY 15,800/mt ($644/mt) ex-works in the Marmara region and around 6,000 mt of rebar were traded at TRY 15,650/mt ($638/mt) ex-works in the Izmir region yesterday, with an exchange rate of $1 = TRY 20.80 SteelOrbis has heard.  However, these rebar sales have not been confirmed by the time of publication.

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 21.00