Earlier today, February 22, Turkey’s Kardemir increased its rebar price by TRY 395/mt ($19/mt) to TRY 13,785/mt ($730/mt) ex-works, excluding VAT, compared to its previous price list issued on Thursday, February 2. It has since closed its rebar sales after less than an hour. Kardemir’s rebar price was close to the lower end of the workable rebar price range in the Marmara and Izmir regions, which varied at $730-735/mt ex-works yesterday. The mill succeeded in selling over 20,000 mt, SteelOrbis has heard.
The main reasons for the successful sales are increased import scrap prices coupled with positive market sentiment in terms of demand. Another factor is the expected currency fluctuation and related consequences.
$1 = TRY 18.88
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