Turkey’s galvanized steel wire producer BMS Birlesik Metal said in a regulatory filing Feb. 26 that it has started exporting galvanized and zinc-al coated steel wires to Europe.
The wire shipments for the European agricultural sector are expected to be around 300 mt/month and expected to affect the company’s turnover and profitability positively, the company said.
BMS also received two galvanized steel wire orders from the UK in the last two weeks worth a total of $707,000, it said without citing the tonnage.
According to the company’s regulatory filing seen by S&P Global Commodity Insights, the production for the UK orders will begin as of March and the shipments are scheduled to be completed within April.
“To meet the rise seen in galvanized steel wire orders, and to raise our market share both in the domestic and export markets, we signed an agreement at the beginning of February with Nuh Wire, based in Yalova, for the purchase of the company’s galvanized steel wire production line with a capacity of 36,000 mt/year,” BMS also said.
The company currently has 72,000 mt/year of galvanized, zinc-aluminum coated, stranded and black annealed steel wire production capacity.
Turkish mills’ long steel pricing remained under pressure from low demand, especially in export markets throughout 2023.
Although Turkish mills’ steel export volumes increased by 17% year on year in the first month of 2024, on higher demand especially from some EU countries, according to the Mediterranean Ferrous and Non Ferrous Metals Exporters’ Union data, demand has slowed down again in recent weeks.
Turkish rebar export prices continued to drop on Feb. 23 as demand remained slow, while scrap import prices to Turkey fell further.
Platts assessed Turkish exported rebar at $602.50/mt FOB Feb. 23, down $2.50/mt on the day, according to S&P Global data.
Author Cenk Can, support@platts.com | EN |
