Turkish producers’ most commonly reported wire rod offers to the export markets have decreased by $5/mt on the upper end during the past week to $405-420/mt FOB. Market sources state that in export markets, especially in the Middle East, buyers consider Turkish wire rod offers to be on the high side due to the strengthening of the US dollar. Thus, foreign buyers mostly prefer to meet their needs by booking favorably-priced Chinese wire rod.
Meanwhile, Turkish wire rod offers to the US have remained unchanged over the past week in the range of $430-440/mt CFR FO US Gulf Coast ports. However, Turkish exporters are about to lose their advantage in the US market, since ex-CIS billet offers to the US are lower, in the range of $420-425/mt.