Turkish producers'
wire rod offers to the export markets have increased by $5/mt since last week and are currently at $595-605/mt CFR. Buyers had anticipated a softening in
wire rod prices due to the weak trend of scrap prices. However, demand in the
wire rod export market has been at good levels and so suppliers are maintaining a strong stance on their offer price levels.
Additionally, ex-
Turkey mesh quality
wire rod offers to the US stand at $625-640/mt CFR FO US Gulf ports, while drawing quality
wire rod offers are currently at $640-660/mt CFR US Gulf ports.
Turkish
wire rod producers state that the ongoing Chinese
wire rod export flow to the US will come to an end in the middle of summer and that they are hopeful about the US market in the long run because Turkish
wire rod will become a competitive alternative to US domestic production
wire rod.
Wire rod spot prices in the US domestic market are currently in the range of $728-761/mt ex-works.