Icdas has lowered its domestic rebar prices each by TRY 25/tonne ($4.6) from the end of November to TRY 2,590/t for 8mm diameter, TRY 2,580/t for 10mm and TRY 2,570/t ($477.4) for 12-32mm product.

The Turkish steelmaker has also lowered its wire rod prices by TRY 45/t to TRY 2,775-2,840/t, depending on size and grade.

All prices are ex-works and exclude 18% VAT.

Turkish scrap import prices came crashing down last week, although US and Baltic merchants continue to hold out for prices higher than Turkish mills are prepared to pay (see Kallanish passim). Various sources expect US scrap suppliers to soon end their stubborn resistance, especially if Chinese steel prices consolidate at lower levels and the mild US winter forecast materialises, thereby easing supply restraints.

The International Rebar Exporters and Producers Association (Irepas) said last week that global steel and scrap suppliers will “… have to accept” the impact of reduced demand for Turkish products. Turkish mills are likely to suspend production in the coming months due to reduced export opportunities and “… vanishing” domestic consumption, it added.