In February Turkey's wire rod exports surged significantly in volume and in revenue both on month-on-month and year-on-year basis, after recording monthly drops for three consecutive months. In the given month, Turkish wire rod exports to the US market enjoyed an increase in demand and price advantage, while in the Far East market Turkey replaced Chinese exports, which were at higher price levels according to market insiders.
According to the statistics released by the Istanbul Mineral and Metals Exporters' Association (IMMIB), in February this year Turkey's total wire rod exports amounted to 123,448 metric tons, increasing by 86.25 percent year on year and up 81.28 percent over January. Meanwhile, the revenue generated by these exports totaled $64.65 million, rising by 105.3 percent compared to the same month of the previous year and up 90.76 percent month on month.
In February, the average export price of Turkish wire rod amounted to $524/mt, up $49/mt or 10.23 percent from January levels and indicating an increase of $26/mt or 5.21 percent compared to February 2009.
Turkey's top ten wire rod export destinations in January 2010:
Country |
Volume (mt) |
USA |
42,414 |
Singapore |
30,300 |
Brazil |
18,793 |
Egypt |
10,609 |
Peru |
5,202 |
Taiwan |
3,534 |
Israel |
3,000 |
Iran |
2,138 |
Tunisia |
2,000 |
Bolivia |
1,000 |
Meanwhile, in the first two months of 2010, Turkey's wire rod exports surged 14.72 percent, amounting to 191,542 metric tons, while the revenue of these exports totaled $98.55 million, up 23.45 percent, both compared to the corresponding period of 2009.
