[SMM weekly review of the Turkey Market] Cost-Push Materializes in Long Steel Rally While Flats Hold Sideways

Published: Aug 21, 2026 15:35

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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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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