Turkish domestic rebar spot prices follow diverse trends

As of today, October 14, Turkish domestic rebar spot prices have only decreased in the Marmara region, by TRY 200/mt ($6/mt) as compared to October 10, due to relatively sluggish demand. Meanwhile, rebar spot prices have risen by TRY 100/mt in the rest of the country, with minor changes on US dollar basis due to the ongoing currency fluctuations. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 25,700-26,800/mt or $625-652/mt ex-warehouse, depending on the region, at an exchange rate of $1 = TRY 34.27.

The workable rebar prices in the Marmara and Izmir regions vary at $625-650/mt ex-works, falling by $5/mt on the higher end, including prices from Icdas A.S., for serious buyers and cash payment only.

One Iskenderun-based mill has issued its rebar price at TRY 27,000/mt ($657/mt) ex-works today. Another mill is also offering the same price, while additional discounts are available for serious buyers.

Turkey’s central bank is going to announce its next interest rate decision on Thursday, October 17. Moreover, sentiment on the demand side is relatively negative, so a few traders are applying aggressive pricing policies to generate sales. “Construction projects may slow down due to adverse weather conditions in one month’s time,” one source commented.

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 34.27