US import wire rod offers trend sideways
Without the backing of up trending scrap prices, sources tell SteelOrbis that Turkish wire rod mills have been more flexible with their offers to the US this week, although not flexible enough to drop the general offer range. Turkish offers of imported product in the US domestic market are still in the range of $24.00-$25.00 cwt. ($480-$500/nt or $529-$551/mt) DDP loaded truck in US Gulf ports.
However, sources report that import inquiry activity has ticked up this week after US domestic wire rod mills announced another price increase, for $2.25 cwt. ($45/nt or $50/mt), effective April 1. Buyers are skeptical that the increase will absorb into the market, considering the March 1-effective increase is still struggling to lift spot prices. As such, import offers with a price difference of over $5.00 cwt. ($100/nt or $110/mt) compared to domestic prices are reported “quite attractive” to US buyers.