Turkish rebar spot prices increase after holiday amid ongoing currency fluctuations

As June begins, most Turkish mills are attempting to increase their local rebar prices after the recent holiday. The main reasons are high production costs as well as the ongoing currency fluctuations. However, most local buyers are just back from the holiday and are evaluating the market conditions before making any purchases.

Turkish official domestic dollar-based rebar offers in the Marmara region have settled at $610-620/mt ex-works, up by $10/mt compared to May 21. One Marmara-based mill that closed its rebar sales before the holiday has set its rebar price at $620/mt ex-works today. In the Izmir region, one of the mills has set its official rebar price at TRY 33,000/mt ($599/mt) ex-works, up by TRY 300/mt ($2/mt), while another mill is offering at TRY 32,800/mt ($596/mt) ex-works, also up by TRY 300/mt ($2/mt). According to sources, the overall workable rebar prices for cash payment in the Marmara and Izmir regions are at around $590-610/mt ex-works.

One of the main players in the Iskenderun region increased its official price earlier today to TRY 33,000/mt ($599/mt) ex-works, up by TRY 300/mt in the local currency, with a minor change on US dollar basis. The same mill increased its rebar price by another TRY 250/mt ($5/mt) to TRY 33,250/mt ($604/mt) ex-works in the afternoon today. Sources report that several Iskenderun-based rolling mills have set their rebar prices today, for serious buyers and cash payments, at TRY 32,700-32,900/mt ($594-597/mt) ex-warehouse, up by TRY 500/mt ($5-6/mt).

Currently, local 12 mm rebar prices in the spot market in Turkey are in the range of TRY 32,700-33,700/mt ($594-612/mt) ex-warehouse, up by TRY 600-700/mt ($7-9/mt).

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 45.90