Kardemir has reduced its 12-32mm diameter rebar price to the Turkish domestic market by TRY 160/tonne ($26.7) due to the strengthening lira against the dollar and weak steel demand, market participants tell Kallanish.
Rebar is now quoted at TRY 3,180/t ($531) ex-works. 12-18mm dia round bar has been reduced by the same amount to TRY 3,197/t. 5.5mm dia wire rod, meanwhile, was reduced by TRY 200/t to TRY 3,430-3,470/t.
Billet and bloom prices have remained at TRY 2,865-3,020/t and TRY 3,405/t respectively. Pig iron prices, however, have been reduced by TRY 185/t to TRY 2,325-2,535/t.
All prices are ex-works and exclude 18% VAT.
“Prices are under the exchange rate effect and demand is very weak,” one Turkish trader says. “There is no demand,” bemoans another. The export market is not providing Turkish mills with any respite (see separate story).
One good piece of news for the Turkish economy is that the lira seems to have stabilised, rising to 6 per dollar at close on Thursday from 6.3 at the start of the week.