Local Turkish rebar spot prices revised to offset currency fluctuations

Thursday, 07 March 2024 16:42:37 (GMT+3)   |   Istanbul
       

Today, March 7, Turkish domestic rebar spot prices have risen by TRY 200-300/mt with minor changes on US dollar basis on Turkish lira basis, compared to Monday, March 4. The main reasons for the price changes are the ongoing currency fluctuations. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 22,900-23,400 mt or $599-612/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 31,86.

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 $600-615/mt ex-works, while additional sizeable discounts are applicable for serious buyers only.

One Iskenderun-based mill is offering its official rebar price at TRY 23,650/mt ($619/mt) ex-works today, while additional discount is also applicable for serious buyers. A few re-rollers are offering rebar at TRY 23,500/mt ($615/mt) ex-warehouse in this region, SteelOrbis has heard.

The general sentiment on the demand side is negative in line with the downward trend in the import scrap prices.

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)

4.03.2024

4.03.2024

Marmara

8 mm

636

24,300

+1

+200

Marmara

12 mm

607

23,200

-1

+200

Iskenderun

8 mm

638

24,400

0

+300

Iskenderun

10 mm

633

24,200

+1

+300

Iskenderun

12 mm

612

23,400

+1

+300

Izmir

8 mm

625

23,900

+1

+300

Izmir

10 mm

620

23,700

+1

+300

Izmir

12 mm

599

22,900

+1

+300

Karabuk

8 mm

625

23,900

+1

+300

Karabuk

12 mm

599

22,900

+1

+300

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 31.86


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