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The assessments are for MB-STE-0784 steel reinforcing bar (rebar) domestic, exw Turkey and MB-STE-0785 steel wire rod (mesh quality) domestic, exw Turkey.

Previously, both assessments stated that an 18% value-added tax (VAT) was included in the assessed price. Fastmarkets wishes to clarify the specifications to show the correct figure, which is 20%, as dictated by Turkish tax rules.

Turkey changed its VAT rate from 18% to 20% in July 2023. The specifications of affected prices were not updated at the time, but prices have been assessed in line with the VAT change.

The clarified specifications are:

MB-STE-0784 Steel reinforcing bar (rebar) domestic, exw Turkey, lira/tonne
Quality: Diameter 12-32mm
Quantity: Minimum 100 tonnes
Location: Ex-works
Timing: Up to 6 weeks
Unit: TRY/tonne including 20% VAT
Payment terms: LC, Bank transfer, cash upon order, deferred payment
Publication: Weekly. Thursday, 2-3pm London time

MB-STE-0785 Steel wire rod (mesh quality) domestic, exw Turkey, lira/tonne
Quality: Standard diameter 5.5-32mm
Quantity: Standard 100 tonnes
Location: Ex-works
Timing: Prompt to 6 weeks
Unit: TRY/tonne including 20% VAT
Payment terms: LC, Bank transfer, cash upon order, deferred payment
Publication: Weekly. Thursday, 2-3pm London time

You can find the updated methodology for ferrous products here: https://www.fastmarkets.com/methodology/.

To see all Fastmarkets pricing methodology and specification documents, go to the Fastmarkets methodology page.

UK regional airline Eastern Airways is on the brink of collapse, putting hundreds of jobs at risk.

On Monday it filed a notice of intention to appoint an administrator, and several regional flights were cancelled including between between Teesside and Aberdeen.

Eastern Airways operates across the UK, Ireland and Europe, and has run services supported by the Scottish government for people in the northernmost point of mainland UK.

Eastern Airways and The UK Civil Aviation Authority (CAA) have been approached for comment.

A notice to appoint administrators is a formal step that gives the business up to 10 days of legal protection from creditors while it explores rescue options, restructures, or prepares for insolvency proceedings.

Airport flight departure boards showed Eastern Airways flights had been cancelled, including a 0700 flight from Newquay to London Gatwick, 1815 flight from Teesside to Aberdeen, 1430 from Aberdeen to Wick and 1645 from Aberdeen to Teesside.

Eastern Airways is one of the UK’s last remaining regional airlines.

It has been an operator in the oil and gas industry, flying between UK cities with a significant presence in the sector such as Aberdeen, Humberside, Teesside and Wick.

The airline faced financial challenges following the pandemic, due in part to falling passenger numbers.

Launched in 1997, Eastern Airways is based at Humberside Airport in North Lincolnshire. The airline also operates out of East Midlands, Jersey, Manchester, Newcastle, Newquay and Southampton, as well as Esbjerg in Denmark.

It has run a crucial weekday service between Wick John O’Groats Airport and Aberdeen, which is seen as vital for people living in the most northerly point on mainland UK, which was supported by a Public Service Obligation (PSO) by the Scottish Government.

Eastern Airways initially built up its network of scheduled services around the North Sea offshore industry with flights up the east coast of England to Aberdeen.