Although traders tell SteelOrbis that stability in import wire rod offers from Turkey this week means that prices have finally hit bottom, there is not any indication that an uptick in buying activity will follow. Offer prices have not moved up yet, but sources say small upticks might happen in the next week or, more likely, after the holidays. Still, demand for wire rod in the US is not at levels that would have traders clamoring to book positions or customers eager to order for future arrivals. Therefore, offer prices from Turkey stand unchanged this week in the range of 27.50-$28.50 cwt. ($550-$570/nt or $606-$628/mt) DDP loaded truck in US Gulf ports.
As for the domestic market, mills and distributors are already on “holiday mode” according to sources. Purchasing activity is at a seasonal low, and buyers are waiting until the New Year to look ahead and plan for spring demand. As such, spot prices for US domestic wire rod can still be found in the range of $31.00-$32.00 cwt. ($620-$640/nt or $683-$705/mt) ex-mill.