Turkish steel producers'
wire rod export offers have remained stable this week at $470-485/mt FOB, while demand for Turkish
wire rod in the export markets has continued to be characterized by weakness. Meanwhile, ex-
Turkey mesh grade
wire rod offers to the US have also remained unchanged in the past week at $470-480/mt CFR FO US Gulf ports.
Traders in the US market had last week increased their local
wire rod offers by $30/mt in line with the increase in domestic scrap prices. Market sources state that the increased domestic
wire rod prices were accepted in the local US market on the back of decent demand levels. In this context, some buyers in the US market have accelerated their inquiries for Turkish
wire rod due to the increase in US domestic
wire rod prices. However, no new deal for Turkish
wire rod has been heard in the US yet.
As for the Middle Eastern market, Turkish
wire rod exporters state that it is not possible for them to compete with Chinese
wire rod offers in the region, while regional demand for
wire rod is generally weak due to the approach of Ramadan.
Meanwhile, it is reported that European buyers are making a few inquiries for Turkish
wire rod, but rarely conclude deals.