In the international
wire rod market, market players from
Turkey and the
Middle East have returned from their holiday as of today, Thursday, November 10. However, domestic and export
wire rod offers of Turkish mills have yet to emerge.
On the other hand, political uncertainties in European countries such as
Italy and
Greece have resulted in the weakening of the euro against the US dollar and so the European market has remained sluggish. However, it is thought that further depreciation of the euro may erode Turkish
wire rod mills' competitiveness in the export markets. Last week, before the holiday, Turkish mills'
wire rod export offers were standing at $660-670/mt FOB for shipments in late November. In the meantime, ex-
Italy mesh quality
wire rod export offers this week stand at €505-510/mt ($686-693/mt) FOB for late November and December shipments.
In the Bulgarian domestic market,
wire rod prices are following a softening trend. Accordingly, Bulgarian stockists' mesh quality
wire rod prices now stand at BGN 1,020/mt ($708/mt) CPT on actual weight basis, exclusive of 20 percent VAT, softening by BGN 15-20/mt ($10-14/mt) as compared to last week. In the meantime, the
CIS producers are offering low carbon
wire rod to
Bulgaria at €485-490/mt ($659-666/mt) CFR on actual weight basis, for December shipments. Low carbon
wire rod offers in the Montenegrin domestic steel market stand at €530-540/mt ($719-733/mt) CPT and on actual weight basis. The market situation is expected to become clearer in the coming days.