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[Turkey] Supported by low capacity utilization rates and expectations of a seasonal demand recovery in September, Turkish steelmakers continued to nudge domestic long steel quotes higher today. While solid profit margins compared to imported scrap and cautious buyer sentiment capped significant gains, domestic rebar quotes still edged up to 587 USD/tonne EXW (excluding VAT). Regionally, two mills in the Marmara region raised offers by 5 USD/tonne to 605 USD/tonne EXW, with local trader ex-works quotes holding steady at 595–600 USD/tonne EXW. In Iskenderun, a mill lifted its ex-works price to 588 USD/tonne EXW, prompting regional trader quotes to follow suit up to 583 USD/tonne EXW. In Izmir, trader offers increased to 580 USD/tonne EXW. On the export front, rebar trading remained sluggish—due to the summer lull in Europe and maritime risks keeping Red Sea and Yemeni buyers on the sidelines—with mainstream offers holding at 575–580 USD/tonne FOB.

This week, the "cost-push" dynamic in the Turkish steel market began to materialize at an accelerated pace, leading to structural divergence across product categories. On the long steel front, domestic rebar prices trended steadily upward, closing today at $587/tonne EXW (excl. VAT), with offers in the Marmara region reaching $590-605/tonne EXW. This rally was propelled by a triple pillar of support: extremely low trader inventory levels and stockouts of certain specifications following mid-to-late July replenishment, price hikes for domestic scrap purchases by major mills in Marmara, and voluntary sales restrictions by mills operating at low capacity ahead of the peak season. In sharp contrast, the export market remained muted: rebar export offers held flat at $575-580/tonne FOB, as EU buyers were virtually absent and Yemeni buyers remained on the sidelines due to escalating Houthi attacks; wire rod export offers edged up slightly to $585/tonne FOB. Meanwhile, flat steel products moved sideways across the board: domestic HRC prices were maintained at $580-600/tonne EXW (reflecting tight September supply), while export offers held steady at $570/tonne FOB.