Kardemir opens domestic rebar order book below $700/mt EXW

Turkish integrated long steel producer Kardemir, based in northern Turkey, opened its lira-denominated 12-32 mm rebar order book below $700/mt ex-works Aug. 11, amid ongoing slow demand and lower imported scrap pricing.

The company set its domestic 12-32 mm rebar list price at Lira 5,975/mt ex-works Wednesday morning, equating to $695/mt. The exchange rate was Lira 8.60/$1. Kardemir's list prices all exclude 18% VAT.

Kardemir's new 12-32 mm rebar list price was lower than other major long steel producer Turkey-based, Icdas' official rebar list price for the same grade rebar, which stood at $700/mt ex-works on the same day.

Turkish mills' rebar list prices have been changing depending on region and tonnage and generally have been in the range of $690-$710/mt EXW in recent days, amid slow demand both in the domestic and export markets, and lower imported scrap pricing.

S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 80:20 Aug. 10 at $457.50/mt CFR, down a further $1.50/mt day on day, a roughly $40/mt decline since the beginning of July.

The pressure on domestic and imported billet prices have also risen in this sentiment. Imported billet offers to Turkey declined further amid low demand. CIS export billet prices were assessed at $625/mt FOB Black Sea by Platts on Aug. 10, down a further $10/mt on the day.

Turkey's largest domestic producer, Kardemir, opened its domestic order book for 150x150 S235 billet at $677/mt EXW on July 29 and received more than 70,000 mt of orders from the domestic market, as Platts has reported. The company's billet order book has remained close since that day.