The pause in the US import wire rod market’s gradual uptrend continued this week, with many traders taking the full week off for the Thanksgiving holiday. But another factor is contributing to the stall: the prospects for the US domestic wire rod market’s $2.00 cwt. ($40/nt or $44/mt) price increase effective as of December 1. Sources tell SteelOrbis that higher US domestic wire rod prices will infuse the market with confidence, allowing them to not only stand firm with possible higher price offers from Turkey, but reduce flexibility with prices on already-arrived product at the ports.
According to the latest US steel import data, November import permits as of the 22nd are falling far below October totals—88,957 mt versus 120,572 mt, respectively. Less concern over position inventory will reportedly allow US traders to focus on orders for future arrival, but for now, Turkish offers of imported product in the US domestic market are still in the range of $22.00-$23.00 cwt. ($440-$460/nt or $485-$507/mt) DDP loaded truck in US Gulf ports.