Turkey’s Kardemir increased its rebar price by TRY 585/mt to TRY 20,460/mt ($600/mt), excluding VAT, earlier today, September 19, and closed them within less than an hour. This price indicates an increase of $16/mt on US dollar basis as compared to Thursday, September 5, against the backdrop of the ongoing currency fluctuations and the relatively positive sentiment in the import scrap segment. Around 41,000 mt of rebar is confirmed to have been sold by the time of publication, while some say the final tonnage is even as high as 45,000 mt. The main reason for such a high tonnage were the advantageous payment terms.
The mill’s rebar price is close to the higher end of the workable rebar price range in the Marmara and Izmir regions which varies at $590-600/mt ex-works.
Kardemir sold its rebar at yesterday’s Turkish Central Bank-based exchange rate of $1 = TRY 34.08.
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