Earlier today, June 8, Turkey’s Kardemir issued its rebar price at TRY 14,915/mt ($646/mt) ex-works, excluding VAT, compared to its previous price list issued on Wednesday, May 17. It closed its rebar sales after a couple of minutes. The mill's rebar price indicated a TRY 1,652/mt increase, while falling by $25/mt on US dollar basis. The main reasons are the ongoing depreciation of the Turkish lira against the US dollar and the unclear financial situation in the country.
Kardemir’s rebar price was close to the lower end of the workable rebar price range in the Marmara and Iskenderun regions, which varies at $636-660/mt ex-works today. Most Turkish mills have currently closed their rebar sales due to the currency situation. According to sources, Kardemir received demand for 30,000 mt of rebar, while the final tonnage confirmed as sold was around 25,000 mt, SteelOrbis has heard.
The mill was selling its rebar at yesterday's Turkish Central Bank-based exchange rate of $1 = TRY 23.10. A few mills are calculating the exchange rate at $1 = TRY 23.38 today, SteelOrbis has heard. Kardemir’s price converts to $646/mt if the $1 = TRY 23.10 exchange rate is taken into account. "The mill is selling in the local currency, so the exchange rate is just for indication," one source mentioned.
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