Posted on 28 Oct 2019
As a result of the ongoing increases seen in Turkish mills’ scrap purchase prices and movement in local demand last week, mills have increased their wire rod export prices further.
While the Turkish local market showed signs of improvement as a result of the clearing up of political uncertainties last week, demand in export markets remained slow. Despite the low export demand, Turkish mills increased their wire rod quotes to $445-460/tonne fob for mesh quality, up from $440-445/t fob the week before. While mills that are fully-booked until year-end seem to be keeping their prices at the high end, it is also possible to find price offers below $445/t fob in the market.
A buyer of Turkish wire rod in the African market tells Kallanish: “We have been the buyers of Turkish wire rod for so long. But unfortunately, with the current price levels which showed a sharp increase, we will be preferring ex-CIS wire rod at more competitive prices. Even European suppliers offer more competitive prices compared to Turkish.”
The Kallanish weekly price assessment for Turkish wire rod increased by $9/t to $440-460/t fob Turkey.
