Turkish producers' most commonly reported
wire rod offers to the export markets have declined by $15/mt over the past week to $415-435/mt FOB, though some Turkish producers' offers have been at $410/mt FOB. Meanwhile, demand for Turkish
wire rod in the export market is currently slack. Market sources state that buyers have maintained a wait-and-see stance amid the slight increases seen in import scrap prices in
Turkey and based on the expectation of a further decline in long steel prices. With most European buyers being in their holiday season, market sources believe that it will be hard for Turkish exporters to conclude new deals since low-priced Chinese
wire rod offers already dominate most of their target export markets.
Meanwhile, Turkish
wire rod offers to the US have decreased by $11/mt compared to last week to the range of $524-546/mt DDP US Gulf ports. The downtrend is expected to continue even though, according to traders in the US, Turkish mills are not as aggressive with their
wire rod offers as they are with their rebar offers.