Turkish wire rod offers to export markets

According to market sources, Turkish wire rod offers to the export markets have remained unchanged over the past week and are still at $595-600/mt CFR. Market sources believe that buyers may request a downward price revision in parallel to softening scrap prices. However, demand in the US market for ex-Turkey wire rod is expected to continue to increase as ex-China wire rod supply to the US market has come to a halt and this may provide support for Turkish producers to maintain a strong stance on their prices.