After weeks of stagnant offer prices, sources tell SteelOrbis that import wire rod offers from Turkey could trend downward in the coming weeks, once buyers return to the market following the Labor Day holiday. Demand is lackluster as ever, but market factors in Turkey are pointing toward lower offers soon. Nevertheless, traders tell SteelOrbis they don’t expect a flurry of orders if prices drop.
For now, offer prices from Turkey are still in the range of $21.50-$22.50 cwt. ($430-$450/nt or $474-$496/mt) DDP loaded truck in US Gulf ports—unchanged in the last week. As for positions, traders say inventory at the ports is still ample, with prices “all over the place” depending more on the seller than the source of the wire rod. As of August 16, the import permit totals for wire rod have reached 63,934 mt, compared to 108,321 mt for the whole month of July.