Posted on 19 Oct 2023
Kardemir published a new price list and opened domestic sales for billet on Wednesday, Kallanish notes.
150mm square billet was decreased by $12/tonne from the low end and $17/t from the high end of the range to $520-525/tonne ex-works, excluding 18% VAT, from the previous list issued on 27 September.
Kardemir sold 40,000 tonnes of billet in a couple of hours and then closed sales by noon on Wednesday. Both the imposition of an export tax by Russia and the fact that steel produced using Russian feedstock will not be sold to the EU prompted buyers to purchase Kardemir billet. Besides, Kardemir offers a deferred payment option, an advantage for buyers that are struggling to secure loans. Meanwhile, an ex-Belarus billet offer appeared at $490/t cfr Turkish Black Sea ports on the same day.
The lira, whose depreciation versus other currencies continues, hit TRY 28.05/$1 on Wednesday morning due to the increased tension in the markets after the bombing of a hospital in Gaza.
Source:Kallanish
