During the past week, demand for Turkish wire rod in the export markets has remained at low levels, while Turkish wire rod export prices have moved sideways at $535-550/mt FOB in the same period.
Meanwhile, import scrap prices in Turkey have continued their uptrend in the current week. However, Turkish steel producers have failed to reflect the higher costs in their quotations. With the declines seen in Chinese billet prices, it is mostly believed that the upward movement of both long steel prices and raw material quotations in the global markets has come to a halt, while buyers are now putting pressure on ex-Turkey wire rod prices, preventing them from increasing further.