[SMM Steel] Holidays Dull Demand While High Costs Restrict Downside; Turkish Rebar Losses Capped

Published: Jul 15, 2026 14:59

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[Turkey] The Turkish domestic rebar market remained deeply subdued this week. The mid-week holiday further paralyzed already anemic downstream demand, with most market participants opting to extend their absence through the weekend, bringing merchant trading to a virtual standstill. Consequently, Turkish domestic rebar prices ticked down to 560–565 USD/tonne EXW (excluding VAT). Crucially, scorching summer weather over the last month has significantly driven up industrial energy costs across Turkey. Compounded by stubbornly low capacity utilization rates and high financing costs, operations have become unprofitable for most local EAF mills. As a result, the room for further price cuts by mills remains limited in the short term, bolstering their stance to support prices. On the export front, Turkish rebar export prices held steady at 565 USD/tonne FOB. As Turkey's country-specific quota has been exhausted, exporters are actively tapping into the remaining global safeguard allocation in Europe. In summary, caught between halted holiday trading and rigid production costs, Turkish long steel prices are expected to remain range-bound with a weak bias, though the downside remains structurally limited in the near term.

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