Earlier today, June 15, Turkey’s Kardemir issued its rebar price at TRY 15,000/mt ($635/mt) ex-works, excluding VAT. It closed its rebar sales after a couple of hours. The mill’s rebar price indicated a TRY 85/mt increase, while falling by $11/mt on US dollar basis. According to sources, Kardemir received demand for 34,500 mt of rebar, though some say the tonnage in question is close to 40,000 mt. The main reasons for the quantity of sales were the mill’s aggressive pricing policy and advantageous payment terms, as well as the ongoing depreciation of the Turkish lira against the US dollar and the unclear financial situation in the country.
Kardemir’s rebar price was below the lower end of the general workable rebar price range in Turkey which varied at $649-663/mt ex-works yesterday.
The mill was selling its rebar at yesterday’s Turkish Central Bank-based exchange rate of $1 = TRY 23.64.