Wire rod prices increase slightly in Turkey, demand remains quiet

Following last week's scrap bookings, wire rod prices in the Turkish domestic market have slightly increased. Meanwhile, it may be worth noting that some wire rod producers have been telling buyers that wire rod prices reached bottom last week and will continue to increase from now on.
 
In Turkey's Iskenderun region, after the revision of wire rod prices in the region, mesh quality wire rod prices have reached $735/mt + VAT. SteelOrbis has learned that, after this price adjustment, due to some problems regarding wire rod supplies in the region, some local buyers have started to make inquiries for supplies from other regions of the country.
 
In the Italian domestic market this week, mesh quality wire rod prices stand at €520-530/mt ($705-718/mt) for deliveries to  customer and local buyers have been continuing to make purchases on a weekly basis according to their needs. Also this week, considering the lead times involved, Italian buyers are not showing much interest in the wire rod offers given from Turkey. (€1 = $1.355)
 
On the back of increased iron ore prices after the Chinese lunar New Year holiday, steel prices have indicated an upward tendency in the Far Eastern markets. For example in the Vietnamese domestic wire rod market, prices have increased slightly this week. Meanwhile, buyers are currently adopting a cautious approach to the increased price levels.
 
Although Turkish producers are seeking to maintain the firmness of their wire rod offers to the US, they face adverse factors including the softening of imported scrap prices in Turkey, sluggish wire rod demand in Turkey, and finally the hesitation of foreign buyers in Turkey's key wire rod export markets.