Due to the depreciation of the Turkish lira against the US dollar today, February 28, Turkish steel producer Icdas has increased its domestic rebar offers in the local currency in order to order to bring them into line with its prices on US dollar basis. Accordingly, the producer’s 12-32 mm rebar price has increased by TRY 50/mt today to TRY 3,300/mt ex-works Biga. As a result, on US dollar basis the supplier’s offers have increased by only $1/mt to $448/mt ex-works.
Prices on Turkish lira basis include 18 percent VAT, while offers on US dollar basis do not.
$1 = TRY 6.24