Turkish company BMS begins exporting galvanized steel wire to Europe

Turkish galvanized steel wire manufacturer BMS Birlesik Metal said in a regulatory filing on Feb. 26 that it has begun exporting galvanized and galvanized steel wire to Europe.

Wire supplies to the European agricultural sector are expected to be around 300 tonnes per month and will have a positive impact on the company's turnover and profitability, the company said.

BMS also received two orders for galvanized steel wire from the UK in the past two weeks totaling $707,000, the company said, without specifying tonnage.

According to company regulatory documents seen by S&P Global Commodity Insights, production for UK orders will begin in March, with deliveries expected to be completed in April.

“To meet the increase in orders for galvanized steel wire and increase our market share in both domestic and export markets, in early February, we signed an agreement with Yalova-based Nuh Wire to purchase the company's galvanized steel wire. Steel wire production line with a capacity of 36,000 tons per year,” BMS also said.

The company currently has a production capacity of 72,000 tons per annum of galvanized, zinc-aluminium, stranded and black annealed steel wires.

Long steel prices from Turkish mills remained under pressure from low demand, especially in export markets, throughout 2023.

Although Turkish steel mills' export volumes rose 17% year-on-year in the first month of 2024, due to rising demand, especially from some EU countries, demand slowed again in the first month of 2024, according to the Mediterranean Union of Ferrous and Non-Ferrous Metals Exporters. . last weeks.