The weaker Turkish lira rate against the US dollar has triggered more active demand for Turkish steelmaker Kardemir’s local rebar and billet sales opened yesterday, March 11. As a result, the producer has sold large volumes and closed its sales.
The producer’s billet prices were initially announced at TRY 2,240/mt ($398/mt) ex-works for S235JR grade and at TRY 2,470/mt ($403/mt) ex-works for AIII. The lower lira rate has resulted in a decline of $6-7/mt in prices on dollar basis, which enabled Kardemir to quickly sell 61,600 mt of billet, SteelOrbis has learned. However, some sources report Kardemir billet recent sales has reached up to 70,000 mt.
In the rebar segment, the producer sold 19,000 mt at $424/mt ex-works at the current exchange rate, while the initially announced price was $7/mt higher. The lira equivalent was set at TRY 2,640/mt ex-works, as reported earlier.
Prices exclude 18 percent VAT.
$1 = TRY 6.23
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