Turkish wire rod producers have been trying to keep their export prices stable in the past week. However, Turkey’s wire rod export quotations have increased by $15/mt on the upper end and decreased by $5/mt on the lower end week on week, and are currently in the range of $510-545/mt FOB. On the other hand, the rise recorded on the upper end of prices is considered to be artificial, being mostly due to offers by Turkish mills with fairly full order books. Market sources state that demand for Turkish wire rod in the international markets is at low levels since buyers expect a price fall in the coming weeks. Additionally, Turkish wire rod export offers at $510/mt recorded after the decrease seen on the lower end of prices have gained acceptance from buyers, though not many deals have been concluded due to the weakness of demand.
While the import quota imposed by the European Union (EU) on Turkish wire rod was exhausted before mid-February, Turkish mills are seeking ways to gain a share of the demand in the region and have been concluding sales to the EU since last week targeting the new quota period which comes into effect in July.