Local Turkish official wire rod prices mostly fall

Over the past week, Turkish mills have mostly cut their official wire rod prices by $10-30/mt against the backdrop of the negative sentiment in the import scrap segment and sluggish demand. Kardemir’s wire rod sales are still open, with its 6-27 mm wire rod price at $575/mt ex-works.

An Iskenderun-based mill issued its official wire rod price yesterday, July 31, at TRY 15,500/mt ($575/mt) ex-works and has closed its long product sales today, August 1. One Marmara-based mill has cut its wire rod price by $30/mt over the same period. The exchange rate is taken as $1 = TRY 26.96 for today's pricing in the Iskenderun region as no other exchange rate has been specified locally. According to sources, the general sentiment on the demand side is negative and most buyers are only purchasing in line with their daily needs due to their ongoing loan repayments.

The above prices, which are on actual weight basis, exclude 20 percent VAT and are on ex-works basis. The offers may differ depending on buyers and order sizes.