Although sources report that Turkish mills are attempting to firm wire rod prices for export markets, the trend has not caught on in the US. With demand for wire rod in the US lackluster overall, there is “barely enough incentive to buy at current prices,” said one trader, “let alone buying at higher prices.” As such, the general offer range for Turkish wire rod in the US is still hovering around $21.50-$22.50 cwt. ($430-$450/nt or $474-$496/mt) DDP loaded truck in US Gulf ports, although sources report “more flexibility than ever” when it comes to purchases of on-the-ground stock.
Meanwhile, even though Turkish wire rod arrivals in the US have increased slightly this month (3,709 mt in August vs. 4,638 mt in September as of the 20th), levels are still being eclipsed from alternative sources such as Spain, Russia and Ukraine, with to-date September arrivals totaling 12,835 mt, 11,151 mt, and 9,814 mt, respectively. Currently, wire rod offers out of the CIS region are approximately $20/mt less than Turkish offers on the FOB level, although traders report “mild” interest in the product, regardless of the source.