Turkish steelmaker Icdas A.S. has revised its longs prices compared to Monday, August 14, amid the ongoing currency fluctuations following Turkish Central Bank's recent interest hike. The mill has cut its official rebar price on lira basis by TRY 65/mt to TRY 17,525/mt ($590/mt) ex-works. The supplier has also cut its wire rod price by TRY 65/mt to TRY 17,820/mt ($600/mt) ex-works. Both long product prices include 10 percent VAT and remained unchanged on US dollar basis.
Most Marmara-based and Izmir-based mills are offering their official rebar price at $590-600/mt ex-works today.
It is worth mentioning that most Turkish producers quote the exchange rate mainly at $1 = TRY 27.00 or $1 = TRY 26.80 to be on the safe side, although the current exchange rate is lower at around $1 = TRY 26.48.
Local Turkish rebar market is expected to gain clarity by early next week.