Turkish rebar producers are taking their time as most European buyers are on holiday and demand is also low due to the quota situation and the general seasonal slowdown because of the holiday season, especially in the southern part of Europe. Moreover, the conflict between the US and Iran has had an impact on expectations. If the conflict continues, it will continue to be reflected in fuel prices.
The Turkish construction sector has slowed down due to the hot weather conditions. In addition, the "First Home" (İlk Evim) mortgage scheme is currently in the legislative planning phase. While the government is developing low-interest state loans for first-time buyers, local public and private institutions offer standard mortgages. Although this is a good development, it will take some time to proceed.
Locally in Turkey, most Marmara region-based mils are officially offering rebar at $575-580/mt ex-works, down by $5/mt from a week ago, including the indications from Icdas A.S. Most offers in the Izmir region are at around $565-570/mt ex-works, down by $5/mt over the past week, with those for cash payments at $565-567/mt ex-works, with minor changes on US dollar basis over the same period. In the Iskenderun region, some mills’ official offers are at $572/mt ex-works, up by $2/mt week on week, with the tradable levels settling again at $561-565/mt ex-works, down by $1-4/mt from a week ago. The general workable rebar price range in the domestic market in Turkey varies at $561-580/mt ex-works depending on the region. It indicates a $5/mt decrease on the lower end week on week.
Turkish rebar export offers for August shipments are standing at $565-575/mt FOB, stable week on week. Sources report most official prices are closer to $565-570/mt FOB and that $575/mt FOB is difficult to achieve under the current market conditions.
In the wire rod segment, official domestic and export prices have decreased by $5/mt on the higher end to $575-585/mt ex-works and are unchanged at $575-585/mt FOB, respectively. Cargoes for overseas markets are available for August shipments.
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