Turkish steelmaker Kardemir opened its domestic rebar sales earlier today, June 10, at TRY 26,875/mt ($583/mt), excluding VAT, down by TRY 85/mt while falling by $8/mt on US dollar basis as compared to May 21, against the backdrop of sluggish demand and the ongoing currency fluctuations. It closed its sales within an hour after selling around 33,000 mt with its favorable payment terms.
Kardemir sold its rebar at the exchange rate announced by Turkey’s Central Bank yesterday at $1 = TRY 46.11.
The overall workable rebar prices in Turkey have settled at $585-600/mt ex-works for cash payment, so the mill's rebar price was close to the lower end of the domestic rebar price range.
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