Turkish rod quotes fall again on lower scrap

Posted on 08 February 2021

Wire rod export quotes out of Turkey have decreased further due to the low level of demand and softer scrap prices, Kallanish notes.

Turkish mills’ mesh-quality wire rod offer prices fell last week mostly to $680-690/tonne fob Turkey.

Although demand remained low throughout the week, a large-tonnage wire rod sale was heard to the Netherlands at $710/t cfr. Besides this, some small-tonnage sales have been heard to Israel and Africa, mostly at $680-685/t fob.

Turkish mills’ scrap demand, meanwhile, is observed to have improved towards the end of the week. Mills are seen to have returned to the scrap market for March-shipment bookings. Although some suppliers have resisted further lowering their prices to below $400/t cfr Turkey, suppliers with February-shipment and only cut-grade cargoes have reduced their prices due to high pressure from mills.

Source : Kallanish