Although the general offer range for US import wire rod from Turkey has remained relatively stable in the range of $21.50-$22.50 cwt. ($430-$450/nt or $474-$496/mt) DDP loaded truck in US Gulf ports this week, sources say that has more to do with lackluster order activity than any other market factors. Traders say that Turkish mills might soon become more amenable to deals, and with the current exchange rate between the US dollar and Turkish lira, Turkish mills have plenty of room to accommodate lower prices.
Additionally, US-based traders aren’t competing with their own position inventory much anymore, as recent import data show 9,041 mt in Turkish wire rod arrivals in June (preliminary census data), compared to only 5,279 mt so far in July (as of July 26).