Turkish steelmaker Kardemir opened its domestic rebar sales earlier today, May 21, at TRY 26,960/mt ($591/mt), excluding VAT, up by TRY 145/mt while falling by $4/mt on US dollar basis as compared to April 29, amid sluggish demand and ongoing currency fluctuations. It closed its sales within an hour after selling around 20,900 mt with its favorable payment terms.
Kardemir sold its rebar at the exchange rate announced by Turkey’s Central Bank yesterday at $1 = TRY 45.59.
The overall workable rebar prices in Turkey have settled at $595-610/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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