Demand for Turkish
wire rod in the export markets is still weak. With the declines seen in import scrap prices in
Turkey and due to the weak demand conditions, Turkish
wire rod exporters have reduced their offers to the export markets by $10/mt week on week to $330-340/mt FOB. Meanwhile, inquiries for Turkish
wire rod have increased in Morocco and Egypt over the past week, but these inquiries have not led to deals.
In the US,
Turkey's most important
wire rod export market, Ukrainian and Brazilian
wire rod offers still constitute strong competition for Turkish
wire rod offers. Also, increases seen in domestic
wire rod prices have failed to gain acceptance from US buyers. As a result, the buyers are only concluding new deals for minimum tonnages of locally produced or imported
wire rod in line with their needs.