Over the past week, Turkish steelmaker Icdas A.S. has cut its longs prices in the local currency against the backdrop of the recent increase in VAT from 18 percent to 20 percent, beginning as of today, and sluggish demand. The mill has decreased its official rebar price on lira basis by TRY 275/mt to TRY 17,625/mt ($620/mt) ex-works. The supplier has also cut its wire rod price by TRY 275/mt to TRY 17,910/mt ($630/mt) ex-works. Both long product prices include 10 percent VAT and have decreased by $10/mt on US dollar basis over the same period.
$1 = TRY 26.08