Demand for Turkish
wire rod in the export markets has remained slack during the past week, while Turkish
wire rod export offers have remained stable for the second consecutive week at $400-420/mt FOB.
Market sources state that Turkish steel producers want to increase their
wire rod export prices as their production costs have increased due to the rises seen both in import scrap and Chinese billet export quotations. However, the sources also state that Turkish
wire rod exporters have been unable to raise their
wire rod export prices for now amid the ongoing weakness of demand in their target markets. Turkish
wire rod exporters will face huge pressure from their production costs if the upward trend of Chinese billet offers is reflected in global billet prices and if import scrap quotations continue to increase in the coming period. In this event, Turkish
wire rod exporters are expected to increase their export offers.