Local Turkish wire rod prices down $10-15/mt

Falling scrap prices as well as the generally negative sentiment in the market due possible business risks in view of the spread of the coronavirus have resulted in a significant decline in local long steel demand in Turkey. While buyers are hesitant and the number of orders has decreased significantly, mills have been forced to cut their local wire rod prices by $10-15/mt over the past week. However, business activity has failed to improve. “I am not even asking for wire rod prices since there is no demand in the market,” a source said. In addition, customers say discounts are possible to get for serious orders.

Currently, the local offers for 6-7 mm mesh quality wire rod are as follows:

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