Turkish domestic dollar-based rebar spot prices soften

Thursday, 28 March 2024 16:55:28 (GMT+3)   |   Istanbul
       

Today, March 28, Turkish domestic rebar spot prices have mostly remained stable on Turkish lira basis with a decrease of $3-4/mt on US dollar basis, against the backdrop of the ongoing currency fluctuations, compared to Monday, March 25. In addition, rebar spot prices in the Karabuk region have fallen by TRY 100/mt ($6-7/mt) over the same period.  Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 23,100-23,900 mt or $595-616/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 32.34.

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 $595-620/mt ex-works, falling by $5/mt from earlier this week.

Due to the upward trend in the last couple of import scrap deals, rebar spot prices are expected to increase in the short term, though most local buyers do not appear ready to accept higher rebar prices due to the unclear financial situation in Turkey ahead of the local elections and given the sluggish demand during Ramadan.

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)

25.03.2024

25.03.2024

Marmara

8 mm

636

24,700

-4

0

Marmara

12 mm

611

23,700

-3

0

Iskenderun

8 mm

642

24,900

-3

0

Iskenderun

10 mm

636

24,700

-4

0

Iskenderun

12 mm

616

23,900

-3

0

Izmir

8 mm

621

24,100

-4

0

Izmir

10 mm

616

23,900

-3

0

Izmir

12 mm

595

23,100

-4

0

Karabuk

8 mm

626

24,300

-6

-100

Karabuk

12 mm

600

23,300

-7

-100

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 32.34


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