Turkish mills’ wire rod exports in the first quarter of 2022 rose 7% year on year to 300,000 mt on higher EU demand, according to the latest monthly Turkish Statistical Institute data seen by S&P Global Commodity Insights May 20.
According to the latest data, despite a 12% year-on-year decline, Israel remained Turkey’s top wire rod export destination in January-March at 74,500 mt.
Israel was also Turkey’s top wire rod export market in 2021, with shipments totaling 273,200 mt, down 16% on the year.
Turkey’s Q1 wire rod shipments to some EU countries also rose year on year.
Exports to Romania were 53,500 mt, up by 40,000 mt on the year, while exports to the Netherlands totaled 38,700 mt, up 25% on the year.
Shipments to Italy were 20,500 mt, up 66% on the year, while exports to Canada totaled 15,000 mt, up from zero in Q1.
Turkish mills also exported 11,800 mt of rod to Peru in Q1, down 52% on the year, the latest data showed.
Revenue generated from these exports jumped by 48% on the year to $242 million on globally higher steel pricing in the period.
Although prices were strong in Q1, Turkish mills’ wire rod offer prices have fallen in recent days on low demand and bearish scrap pricing, sources said.
According to major long steel producer Kardemir’s new price list seen by S&P Global, the company’s 6-27 mm (SAE 1008-1010) grade wire rod prices fell a further $40/mt on the week to $845/mt EXW May 17, while the price for its 6-27 mm (SAE 1006) grade wire rod fell to $855/mt EXW. These prices remain unchanged as of May 20.
Kardemir’s 10-20 mm (B420C) grade rod price also declined by the same amount to $865/mt EXW, while the list price for its 5.50 mm (SAE 1008-1010) grade fell to $880/mt EXW.
The European Commission’s decision March 15 to allocate Russia’s steel quota to other countries following a ban on Russian steel imports is expected to support Turkey’s wire rod exports in the coming quarters of the year.
— Cenk Can