Although sources tell SteelOrbis that overall demand for wire rod in the US domestic and import markets is still “not substantial,” efforts by US domestic wire rod mills to push through their March increase has resulted in many buyers turning to the import market, despite rising prices there as well.
Due to an uptrend in scrap prices in Turkey, wire rod import offers to the US have increased by $1.00 cwt. ($20/nt or $22/mt) in the last week. Turkish offers of imported product in the US domestic market are now in the range of $24.00-$25.00 cwt. ($480-$500/nt or $529-$551/mt) DDP loaded truck in US Gulf ports. Traders tell SteelOrbis that customers in the US are willing to accept slightly higher prices and longer lead times for imports, considering US domestic spot prices are now $5.00 cwt. ($100/nt or $110/mt) higher than import offers.