Import wire rod offers to the US from Turkey are up again this week, but unlike the import rebar market, which is seeing general acceptance of higher offers, sources tell SteelOrbis that wire rod buyers are more skeptical of the trend, and many are holding off on booking until the outlook becomes more clear. Even so, traders have upped their sales prices this week to the range of $22.50-$23.50 cwt. ($450-$470/nt or $496-$518/mt) DDP loaded truck in US Gulf ports, which reflects a $1.50 cwt. ($30/nt or $33/mt) increase from last week.
Traders tell SteelOrbis that Turkish mills remain bullish about long product prices, but considering what usually happens when such optimism meets near-empty order books, sources say offer prices could soon plateau—unless another outside factor wields influence, such as continually-increasing scrap prices. But even then, traders expect there would be some flexibility at the negotiation table.