Looking at Turkey's domestic and export merchant bar markets over the past week, the general view is the same as in recent weeks: decreasing prices and consistently low demand.
Merchant bar prices in the local Turkish market have again continued their downtrend in the past week. A trend observed in recent weeks was once more evident during the past week - the price levels given early in the week were invalid by the time mid-week arrived as prices continued to decline. The price gaps among the various regions in Turkey narrowed slightly during the past week, with merchant bars in the Turkish domestic market being offered at the price range of TRY 1,130-1,160/mt ex-works, excluding VAT.
Turkish rolling mills' export offers for merchant bars also continued to soften in the past week. Last week's export offers decreased by an average of $90-100/mt compared to the previous week. In the past week, Turkish rolling mills were offering angles for export at $1,050-1,070/mt FOB on actual weight basis for September shipments. In addition, flat bars were being offered at $1,060-1,080/mt FOB, 80-100-120 mm IPE was being offered at $1,150-1,170/mt FOB, IPN-UPN were being offered at $1,060-1,080/mt FOB and 80-100-120 mm IPE AA was being offered at $1,150-1,170/mt FOB - all on actual weight basis and also for September shipments. Offers below the abovementioned levels were also reported.
1 TRY = 0.843 US$