SteelOrbis has heard that Turkish producers are offering mesh quality
wire rods to the Mediterranean region at $470-475/mt FOB on actual weight basis for January shipments. The offers have remained unchanged compared to last week. With the support of the Euro / US Dollar exchange rate, few
wire rod sales have been concluded to
Europe. Although the
wire rod market is not in a good condition, the producers are holding out on their prices. The fact that both the
scrap market and
rebar prices are at a high level provides indirect support for the
wire rod prices. Furthermore, the
wire rod producers have stated that they would prefer to sell billets instead of concluding
wire rod sales below the above prices. This is due to the level of domestic
billet price, which is above $450/mt.