Vacillations in import wire rod offers to the US have been observed in the last week, but with overall booking activity so tepid, traders say they are keeping their offer range stable for now. Offers for Turkish wire rod are still in the range of $22.00-$23.00 cwt. ($440-$460/nt or $485-$507/mt) DDP loaded truck in US Gulf ports, although sources are not convinced this represents a price bottom.
Additionally, Turkish mills are not as active at the time being due to Ramadan, but activity overseas is expected to pick up in mid-July after the end-of-Ramadan holiday concludes (and US-based traders return to the market after the Independence Day holiday). Whether this will mean a rise in prices remains to be seen, but with demand for wire rod in the US expected to trend slow through the rest of summer, an uptrend in Turkey might not translate to increased offer prices in the US.