Turkish integrated steel mill Kardemir has informed customers that it will accept payments for its products in US dollars instead of the Turkish lira, Davis Index learned.
Starting in August, the company will announce domestic prices in US dollars with payment terms at 30pc cash on placing the order and the balance 70pc within 45 days. The advance payment can be made either in US dollars or Turkish lira depending on the exchange rates of the day, while the balance will be accepted only in US dollars, the company indicated.