TURKEY LONG STEEL: Prices down on weak demand, lower scrap costs

Domestic steel rebar and wire rod prices in Turkey have softened over the past week amid falling imported scrap costs and low demand during holiday periods, market participants said on Thursday July 29.

Turkish deep-sea scrap import prices went down earlier this week, with steel mills seeking lower prices because of the limited steel trade.

Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was calculated at $475.96 per tonne on July 28, down by $8.60 per tonne day on day.

In response, the steel mills in the Istanbul region lowered their offers for domestic rebar to 7,300-7,350 Turkish lira ($852-858) per tonne ex-works, including 18% VAT.

The domestic rebar prices in the Izmir region were heard at 7,200-7,250 lira per tonne ex-works, while in the Karabük region prices were 7,250-7,300 lira per tonne.

The steel mills in the Iskenderun region were offering rebar to local buyers at 7,150-7,200 lira per tonne ex-works.

Therefore, Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 7,150-7,300 lira per tonne on July 29, down from the 7,200-7,350 lira per tonne of last week, including 18% VAT.

The steel producers in the country have also reduced their offers for wire rod by around 100 lira per tonne this week.

Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, exw Turkey, was 7,900-8,100 lira per tonne on Thursday, down from last week’s 8,000-8,200 lira per tonne.