Local Turkish wire rod prices continue to trend up

Turkey’s local wire rod prices have once again increased over the past week, supported by higher import scrap price levels fixed in deals. In addition, demand remains sufficient as the main buyers have been restocking. Another factor is the revaluation of the lira, which may result in a more stable trend if the currency fluctuations are moderate. Local offers are for late January and February deliveries. It is worth mentioning that some buyers have been considering checking import opportunities. Current ex-CIS wire rod export offers are at $520-535/mt FOB for January shipments, up $10-20/mt since early November.

The above prices, which are on actual weight basis, exclude 18 percent VAT and are on ex-works basis. The offers may differ depending on buyers and order sizes.