Turkish steel industry is going through hard times

Due to the stagnant demand in the iron and steel sector, İçdaş A.Ş. revised its list sales prices at the beginning of the week. Accordingly, rebar prices had to be reduced by $20/ton and wire rod prices by $10/ton.

Biga

Rebar (12-32mm) $620

Coils $640

SP Coil 650 $

Istanbul;

Rebar (12-32mm) 631$

Coils 651$

SP Coil 661$

After İçdaş, rebar prices continued to show a downward trend in the markets. Producers in the Gebze region lowered their selling prices to $620-625/ton this week from $630-640/ton in the previous week, while producers in the Izmir region lowered their prices to $605/ton. However, there is no demand.

Cash tightened in the sector

While the cash shortage continues in the iron and steel market, the fact that there is no change in the VAT withholding payment and the payment day has come has left the market in difficulty. Traders trying to raise money had to lower their selling prices below factory prices.

Cash became even tighter for iron sellers who closed their withholding payments. It seems that the difficult process of the sector will continue.

Spot rebar prices by region, as evaluated by www.steelradar.com on February 28, 2024;

Istanbul rebar prices 23.100 TL (740,73 USD)

Izmir rebar prices 22.700 TL (727,91 USD)

Karabuk rebar prices 22,800 TL (731,11 USD)

Payas rebar prices 23.300 (747,14)

1 USD = 31,19 TL