Turkish wire rod export prices have decreased by an average of $7.5/mt during the past week to $510-520/mt FOB.
Turkish wire rod producers have reduced their export offers amid the weakness of demand resulting from foreign buyers’ higher expectations of a decline in Turkish wire rod prices and also due to lower production costs, both after the fall recorded in scrap quotations. SteelOrbis has been informed that a Turkish mill has added wire rod at $510-515/mt FOB to a rebar cargo while responding to an order received from the Far East region.
Although global wire rod demand is slightly better than international rebar demand, in general, the fall in scrap quotations have led buyers to maintain a wait-and see stance, and so wire rod demand in the international markets has declined slightly as compared to previous weeks.