Reportedly, Kardemir, the largest steel longs producer in Turkey announced to adjust its bar prices for domestic market, effective from May 22nd.
After the announcement, its prices for round bars are at TRY1, 150/ton, rising by TRY9/ton.
However, the price is actually down by US$8/ton from the previous list prices due to depreciated Turkish lira against the US dollar.
In fact, Kardemir reduced its bar prices on April 24th due to weak demand and dropped scrap prices.
Meanwhile, the company produced 382,007 tons of crude steel in the first quarter of this year, higher than 373,467 tons in the same period of a year ago.