Although demand is still “terribly low” for both US domestic and import wire rod, according to sources, import data indicate the market might see a minor surge in arrivals this month. As of October 5, arrivals from three major sources of imported wire rod this month are already close to totals from the entire month of September. Ukraine’s October total is already 8,522 mt (compared to 12,637 mt in September), Brazil’s total is 7,824 mt (compared to 11,201 mt last month), and Turkey’s total is at 5,498 mt (compared to 7,130 mt in September).
However, because the price points for those arrivals are not too far off from current future orders offers, traders tell SteelOrbis that they do not expect aggressive pricing on positions. Future order offers are also expected to trend relatively stable for the near term, with wire rod offers from Turkey still ranging between $21.50-$22.50 cwt. ($430-$450/nt or $474-$496/mt) DDP loaded truck in US Gulf ports.