No price changes have been detected in the US import wire market this week, although traders tell SteelOrbis that Turkish mills have been quiet. This could mean a slight drop in offers, as was seen in the import rebar market this week, but some sources think mills are just holding off to see where the “trend wind” blows after a recent series of rapid price increases and declines. The consensus seems to be that Turkish mills might be flexible, but no official price drops will likely be seen in the next week. So for now, US traders are still offering Turkish wire rod in the range of $24.50-$25.50 cwt. ($490-$510/nt or $540-$562/mt) DDP loaded truck in US Gulf ports.
On the US domestic front, lagging demand and low raw material costs have left wire rod spot prices in the “malleable” range of $26.50-$27.50 cwt. ($530-$550/nt or $584-$606/mt) ex-mill. But sources say that even if scrap prices reverse their downtrend and start to rise, it will take a significant boost in demand to justify any sort of price increase. Then again, US domestic wire rod mills have been known to announce price increases in “unjustifiable” conditions, so sources are not keen to rule them out.