Although overall there are not much offer activity to speak of in the US import wire rod market, prices are still dropping for those who are actually interested. This week, traders tell SteelOrbis that Turkish wire rod is available for $24.50-$25.50 cwt. ($490-$510/nt or $540-$562/mt) DDP loaded truck in US Gulf ports, reflecting a decrease of $0.75 cwt. ($15/nt or $17/mt) since our last report a week ago.
Sources say interest in imports might pick up depending on how aggressively US domestic wire rod mills stick to their announced price increases. If the domestic market appears to be firm, imports will start to look much more attractive. However, the expected trend for US domestic wire rod is pointing down, along with predictions for June scrap prices. This doesn’t bode well for import bookings, sources say, and if activity doesn’t pick up now, it likely won’t until the end of the annual slow summer season.