Market sources report that Turkish mills' mesh quality wire rod export offers have edged up by $5/mt over the past two weeks, reaching $590-610/mt FOB. Increased import scrap prices have provided support for Turkish wire rod export prices.
Meanwhile, demand for Turkish wire rod in the US market has remained strong, with Turkish producers' wire rod offers standing in the range of $630-640/mt CFR FO US Gulf Coast ports. Markey players indicate that, due to the summer holiday in Europe, demand for Turkish wire rod in the region is limited and Turkish steelmakers have mostly been concluding their sales to the US, while most producers are expecting to receive orders for October loading. With the expectation of an upward price revision in the US wire rod market next week, Turkish producers may also issue new export offers in the coming days.