Local Turkish wire rod prices fall far below $500/mt

Tuesday, 20 August 2019 16:57:36 (GMT+3)   |   Istanbul
       

Domestic wire rod prices in Turkey decreased by at least $20/mt since early August due to low domestic buyers’ activity, sliding import scrap. Currently, the tags for 6-7 mm mesh quality wire rod are as follows:

Region

Price ($/mt)

Price change ($/mt)

07.08.2019

Marmara

485-490

-25

Thrace

485-490

-25

Izmir

475-480

-25

Iskenderun

485-490

-20

 

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

On August 20 the integrated Kardemir announced the wire rod price at TRY 2,700/mt ex-works (excluding VAT), which corresponds to $472/mt ex-works according to $1 = TRY 5.72 rate. The move has added pressure on the other Turkish mills, especially from the international buyers. However, it is very difficult to meet the target price of $470/mt ex-works level considering the current import scrap price, which is approximately $280/mt CFR Turkey for  HMS I/II 80:20. Latest export offers for wire rod from Turkey were heard mainly in $485-490/mt FOB, SteelOrbis has learned.


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