Rebar prices increase amid growing expectations

Expectations in global markets are up. Freight rates from the US east coast to Turkiye increased by 15% this week compared to mid-November, rising from $34-35 to $40. While the increase is expected to continue, the impact of costs on prices has started to be reflected. Turkiye's last 80/20 scrap purchase from the US was realized at $404/ton on fast delivery terms.

While a contraction on the demand side due to seasonal conditions was expected to lead to a decrease in raw material prices and a pullback in steel prices, the recovery in supply and demand in the Chinese local steel market in November provided stability in the short term. Again, the increase in some producer prices in China stimulated the market.

While the recovery was felt in global markets, rebar prices also increased in Turkiye. İçdaş A.Ş., one of Turkiye's leading rebar mills, opened its current rebar prices for sale at $590/ton, up by $10. Many mills preferred not to quote prices today to determine their positions.

In Izmir, prices were closed with short-term sales at $585/ton. In the Payas region, prices hovered above $21,000/ton for ready stock, rebar. For further shipments, prices between $20,900-21,000t were discussed. On average, prices in all regions increased by 300tl / $7-9.

Spot rebar prices by region, as assessed by www.steelradar.com on December 1, 2023, are as follows;

Istanbul rebar prices 20,800 TL (+300)

Izmir rebar prices 20.300 TL (+300)

Karabuk rebar prices 20.600 TL (+300)

Payas rebar prices 21,000 (+300)