Turkish mill Kardemir has managed to increase the volume of rebar transactions within the sales which it had announced on October 22. As of today, November 11, the producer has sold 31,000 mt to local customers at TRY 2,450/mt ($424/mt) ex-works (current exchange rate: $1 = TRY 5.78). As a result, the US dollar-based equivalent of the deal prices is $5/mt higher than initially announced. Prices are given without 18 percent VAT.
Sources believe that local buyers’ interest is spurred by the deferred option for payments in Turkish lira and also by the strength of import scrap pricing. Kardemir may considering close its sales shortly once the volume of sales reaches a certain level. Moreover, such a decision may be triggered by some further possible scrap price increase and/or by a further depreciation of the Turkish lira.
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