Uptrend of local Turkish wire rod market gains momentum

SteelOrbis has been informed by market sources that local producers’ price levels in the Turkish domestic market for 6-7 mm mesh quality wire rod are as follows:

The above prices, which are on actual weight basis, exclude VAT and are on ex-works basis. The offers may differ depending on buyers and order sizes. 

Despite the downward movement of import scrap and billet prices in Turkey which started at the beginning of February and came to an end in the middle of last week, Turkish steel mills had not decreased their domestic wire rod quotations in this period, but even increased them slightly as they received a lot of orders from their domestic and export markets. With the support of the trend change observed in import scrap and billet quotations in Turkey as of the middle of last week, the upward movement of the local Turkish wire rod market has gained momentum and domestic wire rod prices have increased by an average of $15/mt week on week. Since Turkish mills cannot accept any new orders for February and March output due to their full order books, they may increase their domestic wire rod quotations further in the short term, also given the rises seen in import scrap and billet quotations in Turkey.