Local Turkish rebar spot prices trend up

Today, June 6, Turkish domestic rebar spot prices have increased by TRY 100/mt with only minor changes on US dollar basis, as compared to Monday, June 3, amid currency fluctuations and the relatively positive sentiment in the import scrap segment. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 22,900-24,000/mt or $592-620/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 32.24.

Icdas has kept its official dollar-based rebar price stable at $620/mt ex-works today, while the workable rebar prices in the Izmir and Marmara regions still vary at $585-605/mt ex-works, for serious buyers and cash payment.

One Iskenderun-based mill has issued its rebar price today at TRY 23,500/mt ($607/mt) ex-works for an extended delivery period. 

Kardemir succeeded in selling around 26,500 mt of rebar with advantageous payment terms at $592/mt ex-works today. As a result, it is safe to say that lower than $600/mt ex-works seem more workable, while most mills are willing to increase their official rebar prices due to the recent higher price level for import scrap in the last couple of deals. In addition, limited size availability also still exists in the country amid tightness on the supply side. 

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 20 percent VAT, while prices on US dollar basis exclude VAT.

$1 = TRY 32.24