Clarification of methodology for Turkey domestic long steel assessments

The assessments are for MB-STE-0784 steel reinforcing bar (rebar) domestic, exw Turkey and MB-STE-0785 steel wire rod (mesh quality) domestic, exw Turkey.

Previously, both assessments stated that an 18% value-added tax (VAT) was included in the assessed price. Fastmarkets wishes to clarify the specifications to show the correct figure, which is 20%, as dictated by Turkish tax rules.

Turkey changed its VAT rate from 18% to 20% in July 2023. The specifications of affected prices were not updated at the time, but prices have been assessed in line with the VAT change.

The clarified specifications are:

MB-STE-0784 Steel reinforcing bar (rebar) domestic, exw Turkey, lira/tonne
Quality: Diameter 12-32mm
Quantity: Minimum 100 tonnes
Location: Ex-works
Timing: Up to 6 weeks
Unit: TRY/tonne including 20% VAT
Payment terms: LC, Bank transfer, cash upon order, deferred payment
Publication: Weekly. Thursday, 2-3pm London time

MB-STE-0785 Steel wire rod (mesh quality) domestic, exw Turkey, lira/tonne
Quality: Standard diameter 5.5-32mm
Quantity: Standard 100 tonnes
Location: Ex-works
Timing: Prompt to 6 weeks
Unit: TRY/tonne including 20% VAT
Payment terms: LC, Bank transfer, cash upon order, deferred payment
Publication: Weekly. Thursday, 2-3pm London time

You can find the updated methodology for ferrous products here: https://www.fastmarkets.com/methodology/.

To see all Fastmarkets pricing methodology and specification documents, go to the Fastmarkets methodology page.