Cookie & Privacy Policy

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. View the privacy policy to find out more here.

Kallanish Kallanish

Knowledge matters Knowledge matters

August, 12th 2020

Free Trial Buy Subscription
MAY 25
16:53

Kardemir hikes domestic rebar, billet on weaker lira

163 Views

Turkey's Kardemir has re-opened its domestic rebar and billet sales at higher prices at the end of last week, reflecting the depreciating lira in a silent domestic market, notes Kallanish.

The integrated long steelmaker's 12-32mm rebar and 12-18mm round bar have each been hiked by TRY 195/tonne ($41/t) to TRY 2,628/t and TRY 2,645t respectively, effective 25 May. This follows a raise by TRY 127/t on 9 May. Kardemir's prices are ex-works and exclude VAT.

Wire rod prices have increased by TRY 185/t to TRY 2,880-2,960/t. Pig iron prices have risen by TRY 100/t to TRY 1,640-1,850/t.

Prices of billet have gone up to TRY 2,470-2,560/t on 9 May from TRY 2,140-2,220/t, asked for in April. According to local sources, Kardemir closed its billets sales in the same day. Bloom prices have soared to TRY 2,840/t from TRY 2,485/t.

Prices of profiles, angles and GI sections have gained another TRY 150/t each to TRY 2,810-3,065/t, TRY 2,935-3,245/t and TRY 2,990-3,015/t respectively.

The Turkish lira continued to fluctuate against the dollar, hitting a new record-low of 4.9 per dollar in the past week. The Turkish central bank raised the lending rate and fixed exchange rates in export rediscount credits to stop the lira depreciation. On 25 May the lira was trading at 4.75 per dollar.

Turkish domestic rebar demand remained very weak last week, inform local market sources. The exchange rate issues and the upcoming general elections have added to the general slowdown of the market during Ramadan.