Turkish domestic rebar spot prices mostly rise in local currency

Today, August 19, Turkish domestic rebar spot prices have mostly increased by TRY 100-200/mt ($0-3/mt), with rebar spot prices in the Izmir region remaining stable on Turkish lira basis, while indicating minor changes on US dollar basis amid the ongoing currency fluctuations, as compared to Thursday, August 15.  Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 23,300-24,300/mt or $575-600/mt ex-warehouse, depending on the region, at an exchange rate of $1 = TRY 33.74.

The workable rebar prices in the Izmir and Marmara regions vary at $575-590/mt ex-works, including prices from Icdas A.S., for serious buyers and cash payment only. The prices indicate a decrease of $5/mt week on week.

One Iskenderun-based mill has closed its rebar sales today. As a result, the spot rebar price in the region has increased due to limited supply. In addition, a few mills in the Izmir region are applying aggressive pricing to generate sales, which prevents rebar spot prices from increasing in this region.

Kardemir has succeeded in selling around 33,000 mt of rebar at $580/mt ex-works, given its advantageous payment terms, in its rebar sales which it closed earlier today.

Turkish central bank's interest rate decision will be announced tomorrow, August 20, and will have a major impact on the Turkish lira-US dollar exchange rate.

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 33.74