Turkish domestic rebar spot prices rise in local currency

Today, March 18, Turkish domestic rebar spot prices have risen by TRY 100-300/mt on Turkish lira basis with minor changes on US dollar basis against the backdrop of the ongoing currency fluctuations, compared to Thursday, March 14. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 23,100-23,900 mt or $596-616/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 32,31.

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 $590-615/mt ex-works, down by $5/mt a week ago.

One Iskenderun-based mill is offering its official rebar price at TRY 24,000/mt ($619/mt) ex-works today.

Demand is generally silent due to Ramadan and also ahead of the Turkish Central Bank’s interest rate announcement due on Thursday, March 21.

Two mills in the Marmara region have today settled their conversion costs for 10 mm rebar at TRY 1,150/mt and TRY 1,170/mt ($30/mt), while their 8 mm conversation costs have been revised to TRY 1,350/mt ($35/mt) and TRY 1,560/mt ($40/mt), respectively. In addition, one of these mills has also set its prices for special extra-long, 36 mm and 40 mm, and B500B and B500 C grades of rebar at TRY 1,170/mt ($30/mt).

**The exchange rate is taken as $1 = TRY 32.50 for all conversion cost calculations.

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 32.31