Local Turkish official wire rod prices mostly stable 

Over the past week, Turkish mills have mainly kept their official wire rod prices stable, while wire rod prices in the Iskenderun have risen by only $2/mt. Due to the negative sentiment on the demand side and ongoing currency fluctuations, most buyers have been exerting pressure for additional discounts. 

An Iskenderun-based mill issued its official wire rod price at TRY 15,750/mt ($582/mt) ex-works, excluding VAT, yesterday. The exchange rate is taken as $1 = TRY 27.04 for pricing in the Iskenderun region as no other exchange rate has been specified locally. Most local buyers are in wait-and-see mode ahead of the Turkish Central Bank's interest rate decision due tomorrow, September 21. 

Sources report that the welded wire mesh and galvanized wire segments are active both in the local and export sales. In addition, the supply side is expanding with the existing capacity of Yesilyurt and the trial production at Kaptan Demir Celik. Even though import wire rod is an alternative option, the extended delivery period of up to two months for material from Southeast Asia is an obstacle amid the current unclear market conditions. 

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.