Although market players have started sharing a certain optimism regarding the import scrap price trend in Turkey, the situation in the longs segment is far from optimistic for now. In fact, import wire rod prices have fallen further, but have failed to attract much attention from buyers since most of them are not eager to book before the elections on Sunday, May 14.
Malaysian wire rod sellers have dropped offers for July shipments by around $15-25/mt over the past week to $600-605/mt CFR. In the meantime, China is still offering at around $580-590/mt CFR for base grades and at $660/mt CFR for high carbon quality. In addition, ex-Egypt offers have been reported at around $625-630/mt CFR for June shipments, but at $640/mt CFR for May shipment. Previously, the indicative price level was seen at $650-660/mt CFR. At the same time, ex-Russia offers have been heard at $600-615/mt CFR, with no interest seen in bookings.
Turkish mills have also dropped their offers over the past week. Domestic prices are now at $665-675/mt ex-works, down $25/mt on the upper end. As regards exports, wire rod indications are even lower, $630/mt FOB from some mills, versus $650-655/mt FOB voiced earlier.