SteelOrbis has been informed that Turkish producers'
wire rod offers have remained stable during the past week at $445-455/mt FOB. The sharp declines recorded in import scrap prices in
Turkey in deep sea deals concluded since the beginning of July have exerted downward pressure on
wire rod export quotations. Also, demand for Turkish
wire rod in the export markets has weakened further due to the falling raw material prices. During the given week, overseas inquiries for Turkish
wire rod have been heard particularly in the US, but market sources report that buyers consider current ex-
Turkey wire rod price levels to be on the high side and so they have preferred to postpone their purchases. Meanwhile, Turkish offers for mesh-quality
wire rod to the US market are still in the range of $562-584/mt DDP US Gulf ports. Market sources state that Turkish steel producers'
wire rod offers to the US market may be revised downwards in the coming period, while a potential revision will put local US
wire rod producers in a difficult position. Also, Chinese steel producers' aggressive
wire rod offers to the Middle Eastern markets have continued during the past week, hindering both Turkish exporters and domestic
wire rod producers in those markets.