Due to the rises seen in import scrap and billet prices, Turkish steel mills’ wire rod export prices have increased for the second consecutive week, moving up by $10/mt on the lower end and by $20/mt on the upper end week on week to $620-640/mt FOB.
Since Turkish wire rod producers have been receiving plenty of orders from their domestic and export markets for a while now, most of their order books are full until May and this situation supports the upward movement of Turkish wire rod export quotations. Meanwhile, market sources state that Chinese steel mills have not yet fully returned from the Chinese New Year holiday (Feb. 15-21), and so buyers in the global wire rod market are not in rush to conclude new purchases, preferring to maintain a wait-and-see stance while they monitor the price policy decisions of Chinese steel producers after the holiday.