Erdemir increases its discount for at sight prices

Erdemir increases its discount for at sight prices

Sources report to SteelOrbis that Turkish integrated steel producer Erdemir increased its discount rate for at sight prices from 5 percent to 6 percent. Moreover, the company extended the 0 percent interest for 91-day deferred payment prices on US Dollar basis to 181-day deferred payment prices on US Dollar basis, on the condition that VAT is paid at sight, as of July 14, 2005, i.e today. Interest rate for tin- and chrome- coated products is also determined as 0.5% on US Dollar basis.