Turkish domestic dollar-based rebar spot prices soften

Today, February 29, Turkish domestic rebar spot prices have mostly decreased by TRY 100-200/mt ($5-8/mt) except rebar prices in the Marmara region which have remained stable in the local currency and are down by $2-3/mt on US dollar basis, against the backdrop of weaker import scrap prices and the depreciation of the Turkish lira against US dollar, as compared to Monday, February 26. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 22,500-23,200/mt or $600-619/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 31,23.

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 $605-625/mt ex-works, while the workable rebar price seems close to $600-620/mt ex-works.

One Iskenderun-based mill is offering its rebar at TRY 23,500/mt ($627/mt) ex-works today.

Most local buyers are exerting pressure for further discounts due to the negative sentiment in the import scrap segment and they are taking their time before concluding new purchases. Accordingly, Kardemir issued its rebar price at $615/mt ex-works this morning, succeeding in selling around 12,500 mt of rebar so far, SteelOrbis has heard.

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 31.23