Turkish producers’ most commonly reported wire rod offers to the export markets have decreased further by $25/mt on average during the past week to $360-370/mt FOB. Market sources state that demand for Turkish wire rod in the export markets is still at medium levels. This week, a Turkish steel producer gave wire rod price offers to Europe at $365/mt CFR Rotterdam; however, the offers have not yet resulted in transactions. Turkish producers also continue to conclude wire rod sales to Egypt and North Africa.
Meanwhile, Turkish mesh quality wire rod offers to the US have decreased by $18/mt over the past week to the range of $380-390/mt CFR FO US Gulf Coast ports. However, this week a Turkish producer has concluded a wire rod deal to US at $355/mt CFR on actual weight basis, after negotiations. Market sources state that the volume of inquiries from US buyers for Turkish wire rod has increased amid decreasing prices and that they are expected to start concluding purchases soon.