A recent rise in US export scrap prices to overseas markets might have lifted finished steel prices, but traders in the US tell SteelOrbis that higher wire rod offers from Turkey are being met with resistance in the US market. Low demand and increased flexibility in the US domestic wire rod market—due to October shredded scrap prices settling about $20/ton down—has resulted in tepid inquiry activity for future arrival orders. But sources tell SteelOrbis that positions are still available (although availability is shrinking a bit), so anyone needing a small order delivered quickly can still find a competitive alternative to domestic product.
However, traders are quick to point out that position prices are not “aggressively” competitive with domestic offers, coming in at similar price points to future order offer prices of $21.50-$22.50 cwt. ($430-$450/nt or $474-$496/mt) DDP loaded truck in US Gulf ports. At least once source said he’s seen a few offers beneath that range, including some outliers hovering closer to the $20.50 cwt. ($410/nt or $452/mt) DDP loaded truck in US Gulf ports.