Although scrap prices in Turkey have continued to rise and offer prices for certain long products, such as rebar, have moved upward as well this week, lackluster demand for wire rod has resulted in what sources call a “temporary plateau” in import wire rod offers to the US from Turkey.
However, US-based traders report that Turkish mills are not exactly “flexible” with offers in light of the demand outlook and are aiming to keep prices firm. However, other sources tell SteelOrbis that the situation could change if demand remains depressed for an extended period of time.
For now, Turkish offers of imported product in the US domestic market are still in the range of $23.00-$24.00 cwt. ($460-$480/nt or $507-$529/mt) DDP loaded truck in US Gulf ports, reflecting no change from prices reported a week ago. Meanwhile, sources are still reporting wire rod import offers to the US from Italy at about $0.50 cwt. ($10/nt or $11/mt) less than Turkish offers.