Today, May 16, Turkish steelmaker Icdas A.S. has cut its official rebar price on lira basis by TRY 1,060/mt to TRY 14,330/mt ($780/mt) ex-works, as compared to Monday, May 9, against the backdrop of rapid currency fluctuations, the negative sentiment in the import scrap and billet segments, sluggish demand, and the unclear financial situation in the country. The supplier has also decreased its wire rod price by TRY 990/mt to TRY 16.170/mt ($880/mt) ex-works over the same period. Both prices indicate a $90/mt decrease on US dollar basis.
$1 = TRY 15.57