There has been a significant decrease in demand in the steel market due to the Eid effect. Even those that have turned into orders are being traded at very low prices.
Icdas Biga:
Icdas Biga continues to keep its list prices at USD 620/ton, while lowering its prices to USD 590/ton depending on demand. This shows how calm the market is and that producers are providing price flexibility against low demand.
Tosyali Iskenderun:
Last week, Tosyalı İskenderun's rebar prices closed at TRY23,500. However, prices were announced at TRY23,750 on Monday due to the increase in scrap prices and the rise in the exchange rate. Nevertheless, there are still problems with diameter diversity in the region as supply has been restricted due to insufficient demand.
Gebze Region:
Although producers in the Gebze region continue to offer prices around USD 605 - 610, demand is quite low. Export offers are heard at USD 570/FOB, but sales volume is almost non-existent. This indicates that export markets are also sluggish.
Izmir Region:
Eid stagnation is also observed in the Izmir region. While producer prices have stabilized at 590 USD, spot market prices are hovering between 22,700 - 22,850 TRY. This is another example of the general stagnation in the market.
In general, it is observed that the market is calm due to the holiday effect and low demand is suppressing prices. Although producers are providing price flexibility, low sales volumes suggest that the sector is pinning its hopes on the post-holiday period.
Spot rebar prices by region, as assessed by www.steelradar.com on June 11, 2024;
Istanbul rebar prices 23,300 TL (0.00)
Izmir rebar prices 22.750 TL (-50)
Karabuk rebar prices 23.200 TL (0,00)
Payas rebar prices 23,800 (0.00)
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