Further downticks in import wire rod offers to the US from Turkey during the last week has left many wondering when a price bottom will be reached. In what traders describe as a “buyer’s market,” offers this week are down $1.00 cwt. ($20/nt or $22/mt) into the range of $22.00-$23.00 cwt. ($440-$460/nt or $485-$507/mt) DDP loaded truck in US Gulf ports.
Sources say booking activity is still mostly lackluster, especially considering the annually slow summer season and “incredibly soft” US domestic wire rod spot prices. And while overall arrivals in June are expected to come in at far lower levels than May—easing the supply of positions at the ports—Turkey appears to be poised for a comeback after two months of significantly low arrivals. According to US import data, the US imported a scant 515 mt of wire rod from Turkey in April (census data), followed by 1,899 mt in May (license data) and 6,651 mt in June as of the middle of the month.