Continuing the trend of the last few weeks, import wire rod offers to the US from Turkey have dropped again on the CFR level, and traders tell SteelOrbis that prices still have about $20-$30/mt to go before hitting bottom. As such, buyers in the US are holding back, leaving current offer prices in the sub-$29.00 cwt. ($580/nt or $639/mt) DDP loaded truck in US Gulf ports range.
US domestic wire rod mills have still failed to react, with mills claiming spot prices “on paper” are still in the range of $32.50-$33.50 cwt. ($650-$670/nt or $717-$739/mt) ex-mill. However, sources report that actual transactions--few and far between as they may be--are fetching a variety of lower prices depending on the order size, customer, destination, among other factors. While any sort of official price decrease is highly unlikely given the stubborn reputation of US wire rod mills when it comes to price policy, sources say buyers are nearly at the point of “naming their price” as competing import offers plunge.