Turkey’s Kardemir hiked its rebar price by TRY 1,040/mt to TRY 21,500/mt ($629/mt), excluding VAT, earlier today, October 2, and closed them within less than an hour. This price indicates an increase of $29/mt on US dollar basis as compared to Thursday, September 19, amid the ongoing currency fluctuations and higher production costs, specifically higher iron ore prices. Around 27,000 mt of rebar is confirmed to have been sold by the time of publication. The main reason for such a high tonnage were the advantageous payment terms.
The mill’s rebar price is close to the higher end of the workable rebar price range in the Marmara region which varies at $620-635/mt ex-works, including Icdas A.S.
Kardemir sold its rebar at yesterday’s Turkish Central Bank-based exchange rate of $1 = TRY 34.18.