Traders tell SteelOrbis that higher offers for import wire rod have indeed been presented by Turkish mills, but traders’ reluctance to book at higher prices considering the weak demand situation in the US is not being met with flexibility. Turkish mills are simply producing higher price ideas with, according to sources, a “take it or leave it” attitude. Apparently they are much more focused on the rebar market, so there isn’t any indication that they will aggressively pursue higher export prices for the US to match the uptrend in their local market. As such, offer prices in the US are unchanged this week at $19.25-$20.25 cwt. ($385-$405/nt or $545-$567/mt) DDP loaded truck in US Gulf ports.
The US domestic market, meanwhile, is still suffering from low demand and declining raw materials prices. Scrap prices falling again this month sparked speculation of a potential mill decrease on the horizon, but sources say releasing an official price stance wouldn’t do much for the market—customers only need what they need and already-low prices aren’t holding them back. Therefore, spot prices are expected to hover around $25.50-$26.50 cwt. ($510-$530/nt or $562-$584/mt) ex-mill in the near term—or get more flexible on an individual basis.