According to market sources, Turkish producers' mesh quality
wire rod offers to the export markets have decreased by $10/mt over the past week to the range of $455-470/mt FOB, depending on tonnages.
Although sales have been concluded to Middle East and North Africa markets in this price range, with the euro still weak against the US dollar, it has become nearly impossible for Turkish suppliers to conclude deals to European markets. Additionally, ex-
Turkey wire rod offers to the US are in the range of $575-595/mt DDP loaded truck at US Gulf ports. US-based buyers continue their price inquiries from
Turkey, while they are actually waiting for further decreases in Turkish
wire rod offers. Therefore, buyers have postponed their purchases to put pressure on Turkish suppliers.
On the other hand, a Turkish steel producer has halted its production due to market conditions, while it is expected to return to the market next week. Some Turkish
wire rod suppliers state that demand in their local market is better than in the export markets. Market sources state that the downward trend in import scrap prices should first come to a halt, leading to stability in the
wire rod market, before demand for
wire rod in the export markets will start to improve again.