At the beginning of the new week, the Turkish steel market remains calm. Business deals are possible if prices are favorable, but increasing competition is making it more challenging. Overall, the markets remain calm with no significant movements.
Long steel sales are stagnant in Türkiye. Rebar prices remained stable at $580-590/ton FOB Türkiye. Activity in the market was kept to a minimum as mills were closed until June 20 and some extended their holidays for maintenance. Traders made limited sales, reflecting the sluggish market conditions amid prolonged shutdowns and maintenance programs.
Ahead of Eid, factories faced difficulties in procuring materials, further exacerbating the sluggishness of the market. These interruptions in the supply chain led to a decrease in sales. Current tax regulations also continue to make things difficult.
It remains uncertain whether shipments will start this week. Scrappers are looking to increase their prices above $380, which could further intensify competition in the market.
Market players are closely monitoring the impact of the new regulations on the industry and their impact on future market dynamics is highly anticipated.
Spot rebar prices by region, as assessed by www.steelradar.com on June 23, 2024;
Istanbul rebar prices 23,500 TL (+200) - $714.50 (+$6.08)
Izmir rebar prices 23.000 TL (+250) - $699.30 (+$7.60)
Karabuk rebar prices 23,400 TL (+200) - $711.46 (+$6.08)
Payas rebar prices 24.000 (+200) - $729.71 (+$6.08)
1 USD = 32.89 Turkish lira
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