During the past week, Turkish mills’ wire rod export offers have moved down by $5/mt to $500-510/mt FOB.
With Turkey as of July 18 already having used 180,900 mt of its 312,081 mt EU wire rod quota for the new quota period which started on July 1, European buyers are cautious as regards new Turkish wire rod purchases. However, SteelOrbis has been informed that some international buyers are making price inquiries for Turkish wire rod due to the ongoing maintenance works of Spanish producers.
The increase announced by the Emirates Steel Industries’ (ESI) wire rod offers to Saudi Arabia may create an advantage for Turkish mills in terms of their sales to the Middle East. Also, with Brazil keeping its wire rod export quotations stable over the past month and also due to lower wire rod production rates of Brazilian mills, Turkish wire rod producers may consider concluding sales to Latin America market.