Although Turkish mills have tried to keep their wire rod export prices stable in the past week, Turkey’s wire rod export offers have softened by $10/mt on the upper end week on week after the downward revision made by an Turkish steel producer whose offer prices were higher than those of other Turkish producers. While scrap prices have remained at their high levels in transactions, Turkish mills have not announced increases in their wire rod export quotations as they did for rebar export prices, but instead have kept them in the range of $515-530/mt FOB since they are trying to attract a share of international wire rod demand which is livelier as compared to demand for rebar in the global market. Furthermore, buyers consider the current Turkish wire rod export price levels to be on the high side.
On the other hand, it is observed that Turkish mills are finding it difficult to respond to the demand they occasionally receive from the European Union (EU) after the exhaustion of the 121,331 mt import quota imposed by the EU on Turkish wire rod in February. However, SteelOrbis has been informed that, as of the current week, Turkish wire rod mills have started to receive orders for future deliveries to the EU within the scope of the new quota to be imposed on June 30.