Import wire rod offers from Turkey are still on the rise, but traders tell SteelOrbis that inquiries are still quiet, and likely to remain so if prices maintain their uptrend. This week, sales offers in the US increased by $0.50 cwt. ($10/nt or $11/mt) into the range of $23.00-$24.00 cwt. ($460-$480/nt or $507-$529/mt), based mostly on higher raw material costs than actual demand.
However, while futures offers are experiencing tepid demand, positions at the ports are reportedly seeing more buying activity—but not necessarily Turkish wire rod positions, which have only accounted for about 5,000 mt in import permits so far the month (as of April 13). Import permits from Ukraine, in contrast, have totaled over 18,000 mt in the same period, at prices that were already lower than Turkish offers back when those orders were booked. Traders expect arrivals from Ukraine will continue to outpace Turkish arrivals for the next couple months.