Turkish domestic wire rod prices fall significantly

As of today, May 24, Turkish domestic wire rod prices have fallen by $60-90/mt to $780-880/mt ex-works over the past week. The main reasons are sluggish demand, rapid currency fluctuations, the unclear financial situation in the country, and the negative sentiment in the import scrap and billet segments. The higher end of the price range seems unworkable for now. According to sources, 5,000 mt of mesh grade wire rod were traded at $780/mt ex-works at the end of last week, and $780/mt ex-works and slightly lower levels may be workable for serious buyers.

One Iskenderun-based mill has cut its official wire rod prices by $90/mt to $780/mt ex-works today. Another mill in the region has recently stopped quoting wire rod prices. Most mills are offering for June delivery.

The above prices, which are on actual weight basis, exclude 18 percent VAT and are on ex-works basis. The offers may differ depending on buyers and order sizes.