Kardemir fails to shift billet despite slashing prices
Kardemir published a new price list and opened domestic sales for billet, sections and wire rod on Wednesday, Kallanish notes.
150mm square billet was decreased by $40/tonne from the previous list issued on 5 July to $525-530/t.
Prices for 5.5-56mm diameter wire rod have been decreased by $25/t to $600-640/t, from Kardemir's previous list on 5 July.
Sections prices, meanwhile, have been pegged at $700-875/t.
Prices quoted are ex-works and exclude 18% VAT.
Despite the sharp decline in values, Kardemir could only sell 15,000 tonnes of billet until business close on Wednesday and kept its sales open. This is a reflection of negative sentiment in Turkey's steel market. Buyers, struggling to sell steel, remained reluctant to buy billet.
The lira continued its depreciation, meanwhile, and hit TRY 26.14/$1 at business close on Wednesday.
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