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On November 20, 2024, Kardemir, Türkiye's SG400W Grade B steel largest producer of long products, reduced its listing price of deformed steel bars and wire rods by 20 dollars/ton due to weak domestic and foreign market demand.
According to Kardemir's latest quotation, the prices of 12-32mm and 36-40mm threaded steel have been reduced to 20415 lira/ton EXW (equivalent to 592 US dollars/ton) and 20765 lira/ton EXW (equivalent to 602 US dollars/ton), respectively, excluding 20% value-added tax. Since October 23rd, Kardemir's rebar prices have cumulatively decreased by $50/ton, reflecting the reality of continued weak market demand.
This price reduction is closely related to the decline in the SG400W Grade B steel price of imported scrap steel in Türkiye. On November 19, the price of scrap steel imported from Türkiye's deep sea fell slightly, because of the surplus supply of scrap steel in Europe, while the demand of Türkiye's steel mills was still sluggish. This imbalance between supply and demand further exacerbated the uncertainty of the market, leading Türkiye's steel producers to reduce prices to maintain market competitiveness.
At the same time, the export market of Türkiye's rebar is also facing strong competition from North Africa, leading to a significant reduction in the export orders of Türkiye's rebar and a cold market procurement activity.
With the fluctuation of the price of imported scrap steel and the downturn of the export market, the profit space of Türkiye's steel mills has been further compressed. In general, Türkiye's steel industry is facing a severe market environment under the dual pressure of the global economic slowdown and insufficient domestic SG400W Grade B steel demand.
