Rebar prices rise in Türkiye, but demand remains weak

Last week's upward trend in Turkish scrap prices came to an end this week. A plant in the Marmara region was confirmed to have purchased 20,000 tons of HMS 1&2 80:20 at $365/ton, 10,000 tons of shredded scrap at $385/ton and an EU cargo of 10,000 tons of bonus grade from Türkiye at $385/ton cfr. This sale comes after the last orders from the EU were made at $369-371/ton cfr last week, confirming the softening in prices.

While most of the iron and steel mills are reporting below list prices, Iskenderun region iron and steel mills have maintained their stance. However, the demand point is still slow.

In Karabük, after two weeks of silence, Kardemir sold around 18-20 thousand tons at prices announced at $595 / 19,440tl. The realized sales were below expectations.

August 23, 2023 Spot rebar prices by region, as assessed by www.steelradar.com, are as follows;

Istanbul rebar prices 19,400 TL (+200) / 712,80 USD

Izmir rebar prices 19.200 TL (+250) / 705,45 USD

Karabuk rebar prices 19,200 TL (200) / 705,45 USD

Payas rebar prices 19.300 TL (0,00) / 709,12 USD