It is observed that Turkish mills’ wire rod export prices have decreased by an average of $10/mt week on week and are currently at $515-530/mt FOB due to the downward pressure exerted by buyers amid the latter’s recent expectations of a decline in global scrap quotations. Market sources state that international wire rod demand has declined due to this expectation of a fall in scrap quotations, but even so it is slightly better that the international demand for rebar. Meanwhile, Turkish wire rod export offers are currently gaining acceptance from international buyers, market sources report.
On the other hand, the European Union’s (EU) new “other countries” quota for the April-June period which is 74,518 mt for wire rod was opened to all countries as of April 1, and was observed to be exhausted by Tuesday, April 2. Meanwhile, it is thought that Turkish mills still have wire rod at EU ports.