Demand for the domestic rebar sales opened by Turkish steelmaker Kardemir on October 22 has recently improved, despite the significant strengthening of the Turkish lira against the US dollar.
Over the past couple of days, Kardemir has sold 14,000 mt of rebar to local buyers at TRY 2,450/mt ($427/mt) ex-works, at the current exchange rate of $1 = TRY 5.74. As a result, the price on US dollar basis has increased by $8/mt compared to the initially announced price. Prices exclude 18 percent VAT.
According to the sources, the higher prices in the most recent deep sea scrap transactions concluded in Turkey are the key reason why Turkish buyers have again started to restock with rebar.