Although some traders reported hearing slightly lower import wire rod offers from Turkey last week, low demand levels in the US have left the general transaction range stable at $22.00-$23.00 cwt. ($440-$460/nt or $485-$507/mt) DDP loaded truck in US Gulf ports. Due to holidays in both the US and Turkey (Independence Day and end-of-Ramadan celebrations, respectively), sources say the market should remain stable for at least another week, but the return of both markets in mid-July should “move the needle.”
One factor that might have an influence on July import offers is higher levels of positions at the port. Following a lackluster 3,398 mt in wire rod arrivals from Turkey in May (US import preliminary census data), import permits totaled 9,041 mt in June. Traders say a “good portion” of those arrivals are direct orders, but there should be enough position deals available to affect buying decisions for immediate needs.