Turkish steelmaker Icdas A.S. has cut its official dollar-based rebar and wire rod prices by $15/mt today, May 22, amid the depreciation of the Turkish lira against the US dollar and the unclear financial situation in the country. The mill has set its official rebar price on lira basis today, falling by TRY 1,190/mt to TRY 14,610/mt ($670/mt) ex-works. The supplier has decreased its wire rod price by TRY 1,200/mt to TRY 14,830/mt ($680/mt) ex-works. The main reason for such a sharp price decline in the local currency is VAT has taken into account as 9% instead of 18% due to the VAT stoppage. Both longs prices include %9 VAT. The mill has set its exchange rate at $1 = TRY 20.00 for today’s pricing.