Turkey’s Kardemir hiked its rebar price by TRY 425/mt to TRY 19,875/mt ($584/mt), excluding VAT earlier today, September 5, and closed them within less than an hour. This price indicates an increase of $4/mt on US dollar basis as compared to Thursday, August 15, against the backdrop of the ongoing currency fluctuations. According to sources, around 30,000 mt of rebar were sold. The main reason for such a high tonnage were the advantageous payment terms.
The mill’s rebar price is close to the lower end of the workable rebar price range in the Marmara and Izmir regions which varies at $575-595/mt ex-works.
Kardemir sold its rebar at yesterday’s Turkish Central Bank-based exchange rate of $1 = TRY 34.03.