Today, July 25, Turkish steelmaker Icdas A.S. has cut its official rebar price on lira basis by TRY 775/mt to TRY 14,315/mt (680/mt) ex-works, as compared to the end of last week. The main reasons are the negative sentiment in the import scrap segment and rapid currency fluctuations. The exchange rate was at $1 = TRY 17.76 on Friday, July 22. The supplier has also decreased its wire rod price by TRY 775/mt to TRY 15,155/mt ($720/mt) ex-works. On US dollar basis, both product prices indicate a $40/mt decrease over the same period.
Sources report that the workable rebar price was at around $700/mt ex-works at the beginning of last week, then falling to $670/mt ex-works in the second half of the last week, and even $650/mt ex-works was offered by a few mills for serious buyers at the end of last week amid the currency fluctuations and the negative sentiment in the import scrap segment. Today, a few mills have also started quoting at $670-680/mt ex-works.
$1 = TRY 17.84