Turkish rebar spot prices fall significantly in local currency

Monday, 02 August 2021 17:57:48 (GMT+3)   |   Istanbul
       

Today, August 2,Turkish domestic rebar spot prices in the local currency have decreased by TRY 30-100/mt with minor changes on US dollar basis compared to Friday, July 30, amid currency fluctuations and Icdas’s rebar price cut today, against the backdrop of weaker import scrap prices. The exchange rate was at $1 = TRY 8.41 at the end of last week and has hit $1 = TRY 8.35 as of today. Accordingly, 12 mm rebar spot prices in Turkey are now at TRY 6,950-7,020/mt or $705-712/mt ex-warehouse, depending on the region.

Icdas A.S. has recently decreased its official rebar to $710/mt ex-works, down by $20/mt today. Currently most mills in the Marmara region are offering rebar at $710-720/mt ex-works, including Icdas A.S.

Most Izmir-based mills’ rebar prices are available at $705-710/mt ex-works.

In the Iskenderun region, one mill has opened its rebar sales at $710/mt ex-works,today.

In the Samsun region, Yesilyurt Metallurgy has opened its rebar sales at TRY 7,050/mt, equal to $716/mt ex-works at the current exchange rate.

According to sources, some local traders are trying to destock as they believe rebar spot prices may fall further in the local currency, while some local traders are taking their time to restock given that they might get lower prices from producers depending on their stock positions.

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)

30.07.2021

30.07.2021

Marmara

8 mm

715

7,040

0

-60

Marmara

12 mm

712

7,020

-1

-60

Iskenderun

8 mm

710

7,000

0

-50

Iskenderun

10 mm

709

6,985

0

-50

Iskenderun

12 mm

707

6,970

0

-50

Izmir

8 mm

707

6,970

2

-30

Izmir

10 mm

706

6,960

2

-30

Izmir

12 mm

705

6,950

2

-30

Karabuk

8 mm

710

7,000

-5

-100

Karabuk

12 mm

708

6,980

-5

-100

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 8.35


Tags: Rebar Longs Turkey Europe 

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