Turkish domestic rebar spot prices trend up as new week begins, buyers await central bank’s rate decision

Most Turkish mills are attempting to maintain their dollar-based rebar prices unchanged due to their high production costs, while local buyers are exerting pressure for further discounts due to the ongoing depreciation of the Turkish lira against the US dollar. Most local buyers are also delaying purchases due to the Turkish Central Bank's interest rate decision due on Thursday, July 23.

A few Marmara-based mill are testing $585-590/mt ex-works officially. However, Turkish workable domestic dollar-based rebar offers in the Marmara region are still at $575-580/mt ex-works including Icdas A.S.’s prices today, July 20, stable compared to July 16. In the Izmir region, one of the mills has raised its rebar price by TRY 200/mt ($2/mt) to TRY 32,200/mt ($569/mt) ex-works. Another large mill in the same region has also raised its rebar price by TRY 300/mt ($4/mt) to TRY 32,200/mt ($569/mt) ex-works today, as compared to July 16. According to sources, the overall workable rebar prices for cash payment from mills in the Marmara and Izmir regions are still at around $565-580/mt ex-works, stable compared to July 16. 

One of the main players in the Iskenderun region has today raised its rebar price by TRY 250/mt ($3/mt) to TRY 32,550/mt ($575/mt) ex-works. Sources report that several Iskenderun-based rolling mills have set their rebar prices for serious buyers and cash payments at TRY 32,000-32,200/mt ($565-569/mt) ex-warehouse, up by TRY 300/mt ($4/mt) over the same period.

Currently, local 12 mm rebar prices in the spot market in Turkey are in the range of TRY 32,000-32,800/mt ($565-579/mt) ex-warehouse, up by TRY 100-200/mt and up by only $2/mt on the lower end on US dollar basis over the same period.

All prices are ex-warehouse and on actual weight basis. Prices in Turkish liras include 20 percent VAT, while prices in US dollars exclude VAT.

$1 = TRY 47.17