Turkish producers' most commonly reported
wire rod offers to the export markets have decreased by $15/mt on the lower end during the past week to $405-425/mt FOB. Market sources state that demand for Turkish
wire rod in the export markets has been quiet in the same period, with transaction activity slowing down significantly. It has become difficult for Turkish
wire rod exporters to conclude new deals in this price range, though they are considered to be at low levels. Only sales of small tonnages of Turkish
wire rod have been concluded to North Africa. Buyers in the Middle East have made inquiries for Turkish rebar but they are also cautious towards purchases since they expect import
wire rod prices to fall further in the coming week.
Meanwhile, Turkish
wire rod offers to the US have remained unchanged over the past week in the range of $430-440/mt CFR FO US Gulf Coast ports. US-based buyers' firm bids for Turkish
wire rod are at $425/mt CFR FO US Gulf Coast ports, while market players are expecting Turkish producers to accept these firm bids, stating that the US buyers' purchasing activities will subsequently revive.