Although
US domestic
wire rod mills had refrained from “officially” dropping prices under the immense pressure of downtrending import offers, it appears that the tremendous drop in scrap prices this month is the last straw. Sources tell SteelOrbis that a price decrease letter to customers is unlikely, but whether the move is put on paper or not, spot prices are already flexible. So far, the price range has reportedly dropped by $0.50 cwt. ($10/nt or $11/mt) to $32.00-$33.00 cwt. ($640-$660/nt or $705-$728/mt) ex-mill, with larger-ton orders available beneath the low end. The range is likely to slump even further by next week, especially considering the relentlessly weakening import prices.
Import offer prices for Turkish
wire rod have dropped another $10/mt on the CFR end this week, but as before, traders report that customers are still waiting for the bottom. Due to the lack of active orders, the sales price range in the
US are still sub-$29.00 cwt. ($580/nt or $639/mt) DDP loaded truck in
US Gulf ports on paper, although traders tell SteelOrbis that if anyone got “antsy” and made an order this week, they could very well name their price.