Although US import bookings of Turkish wire rod fell within the same general range this week as last week, sources tell SteelOrbis that stable prices do not exactly mean the uptrend is over. A significant boost in US domestic wire rod prices on the horizon—transaction prices are set to increase by $2.00 cwt. ($40/nt or $44/mt) as of Dec. 1—should “inspire” some Turkish mills to raise offer prices to the US, according to some traders, although many in both the US import and domestic wire rod markets are waiting to see how much of that US mill-announced increase is actually absorbed into domestic prices.
Until then, sources say import wire rod offers from Turkey should maintain a sideways-to-upward trend, with further small upticks “still possible.” 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.