While Turkish longs prices have been relatively stable amid temporarily firm scrap price levels, import offers for wire rod have continued falling, thereby putting pressure on the mills.
In particular, the latest ex-Egypt prices have been reported at $585-590/mt FOB or around $610-620/mt CFR Turkey.
Ex-Russia prices have fallen to $580-585/mt CFR, although some sellers are reported to be still offering at $600/mt CFR for July shipments.
The information regarding ex-Malaysia wire rod offers has been contradictory this week. Some traders and buyers have reported offers at $610/mt CFR and a bit higher for June shipments, which is around $5/mt higher than last week. However, a few sources have reported ex-Malaysia offers at $575-590/mt CFR, which may be the previously booked position cargoes.
In the local market in Turkey, the wire rod price range remains at $665-695/mt ex-works, at least for now.