Import offer prices for wire rod to the US from Turkey have attempted to follow an upward trend in the last week, with traders reporting quotes from mills at up to $20/mt higher in CFR terms. However, concerns about the ongoing AD/CVD trade case against wire rod producers in 10 countries has left much of the US import wire rod market “cautious,” especially after the US ITC ruled in favor this week of the US DOC continuing its investigation.
Although preliminary CVD margins are not due until late June and preliminary AD margins are not due until early September, the effect of the trade case is “slowly seeping” through the market, sources say. As with last week, increased interest in alternative sources for wire rod imports is ramping up, with Egypt emerging as a top contender. Last week, sources reported offers from Egypt coming in at slightly above Turkish offers, with the expectation of rising further. However, the price push this week from Turkish mills is making Egyptian wire rod look more attractive, according to sources.
For now, traders have adjusted wire rod sales prices to reflect the mill-side uptrend, although many admit that orders are “few and far between.” Turkish offers of imported product in the US domestic market are now ranging from $23.00-$24.00 cwt. ($460-$480/nt or $507-$529/mt) DDP loaded truck in US Gulf ports.