In the wire rod segment, export prices from Turkey have moved down by $10/mt over the past two weeks to $460-470/mt FOB, with the product mainly available for February shipments. The previously-set higher prices were not accepted by buyers as overall overseas demand has been rather moderate. In particular, trade with the EU has been slow as the remaining quota for Turkish rebar is 13,577 mt as of January 9. Other buyers, including those from North Africa, have also been refraining from purchases. Some improvement may be seen by the end of the first quarter this year as Morocco is expected to release the import quota for 2020 by around March. From the experience of past years, the volume in question may be around 90,000-100,000 mt, SteelOrbis understands.
Domestic wire rod prices in Turkey have for now remained at $475-495/mt ex-works for mesh grade, which is $15/mt higher than the export offers. Drawing quality material, according to SteelOrbis’ estimations, would be available at levels $10-15/mt higher than those mentioned. Buyers have been exerting pressure on sellers partly as rebar prices have moved down this week. However, wire rod producers have not changed their wire rod sales prices by the end of the current week, but they may revise their offers early next week, SteelOrbis understands.