SteelOrbis has been informed that mesh quality
wire rod offers from
Turkey to the export markets have been in the range of $495-505/mt FOB in the current week, depending on order sizes.
Meanwhile, ex-
Turkey wire rod offers to the US are at $550-570/mt DPP loaded truck in US Gulf ports. Buyers in the US market, to which Turkish producers had exported significant tonnages in previous months, are unwilling to accept any offers due to Thanksgiving and the approach of the New Year holidays. Therefore, demand in the US
wire rod market has been on the low side over the past week. On the other hand, ex-
Turkey wire rod deals to
Europe, Brazil and North Africa for small tonnages have been heard over the past two weeks.
With scrap prices increasing after the deals concluded in the last two days, Turkish
wire rod exporters want to revise their prices upwards on the back of increasing production costs. However, they are not certain if a price increase would gain acceptance in the export markets. Additionally, there is a serious oversupply issue in the local Turkish
wire rod market, while deliveries continue to be performed for orders which were placed before the introduction of the new duty rate on
wire rod imports to
Turkey.