Turkish producers' offers for both mesh quality and drawing quality
wire rod to the export markets have remained unchanged over the past week and are still at $600-605/mt FOB and $615-620/mt FOB, respectively. Demand for ex-
Turkey wire rod in the Middle Eastern market has been on the weak side over the same period due to Ramadan and cheaper ex-
China offers.
Since last month,
US buyers had postponed their
wire rod purchases from
Turkey due to expectations for a softening trend in scrap prices and their own satisfactory
wire rod stock levels. However, market sources state that
US buyers may restart their buying activities as scrap prices have started to increase.
Meanwhile, Turkish mesh quality
wire rod export offers to the
US are at $630-640/mt CFR FO
US Gulf ports. Additionally, Chinese
wire rod stocks in the
US market are nearly exhausted, which is good news for Turkish producers. The
US Department of Commerce's finding of subsidization in the
wire rod imports from Chinese producers and exporters has ended Chinese
wire rod producers' hopes of reentering the
US market. The final determination in the
US antidumping case against Chinese
wire rod imports will be announced on August 29.