Although some traders report “room for negotiation” in the current offer range for import wire rod from Turkey, there is a strong overriding push to lift prices after the slow, months-long downtrend that characterized the market in Q4 2014. Scrap prices in Turkey are up, as is confidence that a new provision in Chinese steel trade rebates will increase Turkey’s ability to be competitive to markets other than the US, which still has prohibitive antidumping duties levied against Chinese wire rod. Still, US-based traders report a firm stance coming from Turkey, but a lack of acceptance of higher offers has left prices stable this week in the range of $27.50-$28.50 cwt. ($550-$570/nt or $606-$628/mt) DDP loaded truck in US Gulf ports.
Meanwhile, US domestic spot prices are still stagnant in the range of $31.00-$32.00 cwt. ($620-$640/nt or $683-$705/mt) ex-mill, but sources are hoping that the bright outlook for rebar demand in the US will rub off on wire rod a little. No expectation of an official price adjustment is on the horizon, so for now customers are still able to negotiate prices based on order size.