Turkish steel producer, Kardemir has announced new rebar prices, according to its latest price list.
The company has implemented a price reduction for rebar sizes ranging from 12-32 mm, setting the new rate at TRY 15,650 (534) per ton. This is in contrast to the previous rate of TRY 15,850 (USD 607) per ton EXW, which was based on an exchange rate of 1 USD to 26.1 TRY in the first week of this month.
The decision to lower prices comes amid currency depreciation and subdued demand in the market. Furthermore, the recent increase in VAT from 18pc to 20pc by the Turkish government, along with raised taxes on petroleum products aimed at financing post-quake reconstruction, has further dampened market sentiment.
1 USD / 26.8 TRY
