With demand for import and domestic wire rod in the US still at low levels, traders are reportedly “not surprised” at the lack of inquiry activity this week. Back-to-back holidays in the US and the US’ main source of imported wire rod, Turkey, have also contributed to the quiet trend, but sources tell SteelOrbis they are concerned that even when Turkish mills issue new pricing offers, the import market “still won’t budge.”
As such, sources expect import wire rod offers from Turkey to hover around the current range of $21.50-$22.50 cwt. ($430-$450/nt or $474-$496/mt) DDP loaded truck in US Gulf ports in the near term, and even if mills offer lower prices to reflect lower raw material costs, “slow demand is slow demand—prices don’t matter as much as need,” one source said.