Market sources report that Turkish wire rod export offers have increased by $15/mt since last week to $585-600/mt FOB. The current upward trend in import scrap prices for Turkey, as well as the expectation for higher ex-US scrap offers - US suppliers withdrew their offers in late February and have not made any new offers since - have been providing support for higher Turkish wire rod export offers.
In addition, Turkish wire rod mills' sales to the US have increased following the announcement by the US Department of Commerce of the initiation of an antidumping and countervailing duty investigation on imports of wire rod from China. Market sources indicate that demand for Turkish wire rod in the US is quite strong at the moment, and sometimes Turkish producers are finding it difficult to keep up with the demand due to lack of inventory.
Meanwhile, wire rod sales from Turkey to North Africa and Europe continue, while citing strong demand levels Turkish mills believe that new export offers will gain acceptance on the export side.
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