Turkish domestic rebar spot prices mostly soften

Today, August 15, Turkish domestic rebar spot prices have mostly decreased by TRY 100/mt ($4/mt), with rebar spot prices in the Izmir region remaining stable on Turkish lira basis, while indicating minor changes on US dollar basis against the backdrop of the ongoing currency fluctuations, as compared to Monday, August 12.  Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 23,300-24,100/mt or $578-597/mt ex-warehouse, depending on the region, at an exchange rate of $1 = TRY 33.62.

The workable rebar prices in the Izmir and Marmara regions vary at $580-595/mt ex-works, including prices from Icdas A.S., for serious buyers and cash payment only.

One Iskenderun-based mill has issued its rebar price at TRY 24,000/mt ($595/mt) ex-works today. Another mill in this region is offering rebar at TRY 24,400/mt ($605/mt) ex-works. In addition, a few re-rollers in the same region are offering rebar at TRY 24,100/mt ($597/mt) ex-warehouse.

Kardemir issued its rebar price at $580/mt ex-works earlier today, with its sales still open, though most buyers are purchasing just in line with their daily needs ahead of the Turkish central bank's interest rate decision due on Tuesday, August 20, and also given the negative sentiment in the import scrap segment.

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 33.62