Traders in the US have still not lowered their import offers for Turkish wire rod, leaving prices languishing in last week’s range of $27.50-$28.50 cwt. ($550-$570/nt or $606-$628/mt) DDP loaded truck in US Gulf ports. Prices on the CFR level have remained stable this week as well, although sources tell SteelOrbis there’s still room for them to decline. Once the price floor is reached, traders say they will resume booking activity, which is expected to be decent—especially considering that lower import arrival numbers in January compared to December suggest a downtrend that will reduce the need to unload positions.
As for the US domestic wire rod market, spot prices are still negotiable under the most common range of $31.00-$32.00 cwt. ($620-$640/nt or $683-$705/mt) ex-mill, with the lowest prices for the largest orders heard at up to $0.75 cwt. ($15/nt or $17/mt) below. The rest of the range is expected to slide downward as soon as February scrap prices are announced—the expected downtrend in scrap has been projected at anywhere between $30/lt and $50/lt.