Freight costs and rebar prices on the rise

There are security concerns around the world. A ship carrying steel coils to a number of Turkish buyers, run by Korean steelmaker Posco through its trading company Samsung, was hijacked by pirates off the coast of Somalia. This has led to a halt in transit through the Suez Canal, which handles 12% of global trade.

Large container ships were stopped from entering Suez to avoid risking their personnel, causing transportation costs to increase by 20 to 60 percent in a week.

Prices in the iron and steel sector, which had fallen due to lack of demand, started to rise again due to the increase in costs.

December 22, 2023 www.steelradar.com 's assessment of spot rebar prices by region is as follows;

Istanbul rebar prices 21.300 TL (+200) / 729,10 USD (+6,85)

Izmir rebar prices 20.900 TL (+200) / 715,41 USD (+6,85)

Karabuk rebar prices 21.400 TL (+100) / 732,52 USD (+3,42)

Payas rebar prices 21.400 (+200) / 732,52 USD (+6,85)

1 USD = 29,21 TL