Traders tell SteelOrbis this week that Turkish mills are still attempting to firm up wire rod import offers to the US, but resistance to the uptrend continues. Demand in the US for wire rod is “lackluster as ever,” according to one source, and so “it’s no surprise” that buyers are rejecting import options in favor of US domestic product, which is still “highly negotiable.”
As such, traders are trying to hold the line with current Turkish offers of imported product in the US domestic market, which are still in the range of $20.50-$21.50 cwt. ($410-$430/nt or $452-$474/mt) DDP loaded truck in US Gulf ports. Sources tell SteelOrbis that offers might rise slightly if Turkish mills “don’t back down,” but higher offers “won’t go over well” among US wire rod buyers.