Turkey’s Kardemir, whose deal prices are usually considered as an indicator of the domestic market situation for longs and billet, has preferred to close its sales without having concluded any transactions.
Yesterday, August 11, the company opened its rebar sales at TRY 5,975/mt ($693/mt) ex-works at the exchange rate of $1 = TRY 8.62. No demand has been seen at the mentioned price and later on with the currency fluctuation the dollar-based price even increased by $5/mt. Accordingly, Kardemir has decided to close its sales without closing any deals. “Kardemir may open their rebar sales with a revised price level,” a source told SteelOrbis.
The official general price range for rebar in Turkey is at $680-710/mt ex-works depending on the region and most market players agree that levels significantly above $680-690/mt ex-works are rather hard to achieve for now.
Rebar prices exclude 18 percent VAT
$1 = TRY 8.56