Kardemir moves sizeable bar volumes after second price cut in a week
Turkish long steelmaker Kardemir has reduced its prices for domestic sales of bar for the second time in the space of a week owing to sluggish demand. The firm managed to sell 60,000 tonnes of rebar following the reduction, market participants tell Kallanish.
The firm’s 12-22mm diameter round bar price is now at TRY 1,098/tonne ($493) ex-works, down TRY 21/t on its previous price list issued 24 November. Rebar of 12-32mm dia, meanwhile, has been reduced by the same amount to TRY 1,102/t. The cumulative reduction over the space of a few days has been TRY 127/t. All prices are on an ex-works basis and exclude 18% VAT.
But, with scrap stabilising and firming above $300/t cfr Turkey in recent days, numerous Turkish mills have turned to sourcing CIS billet at $415/t cfr, which has consequently firmed the price of the semi-product. However, since finished product prices remain on the slide, mills are faced with a dilemma because they are seeking lower feedstock prices, sources observe.
Kardemir also managed to sell 60,000t of billet at its 24 November list price of $415/t ex-works. This quote remains unchanged, as does the $523/t price for bloom. Turkish steel demand is reported to be slowing further with the onset of winter, while a number of mills are going into maintenance, taking finished product capacity off line, but also reducing their demand for scrap.
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Anonymous
Very good overview of the weekly steel market.
Anonymous