Although import wire rod prices from Turkey are not plunging as sharply as rebar prices, the steady drop in prices and increasing amount of arrivals at the port have resulted in extreme flexibility in US domestic wire rod spot prices. Sources tell SteelOrbis that most transactions are now taking place in the range of $30.00-$31.00 cwt. ($600-$620/nt or $661-$683/mt) ex-mill, reflecting another $0.50 cwt. ($10/nt or $11/mt) drop in the last week. And with US import license data showing that as of February 10, 48,844 mt of Turkish wire rod has already arrived in US ports this month, combined with plunging scrap prices, sources expect more US spot price declines on the horizon.
After a steep drop last week in Turkish wire rod offers, prices are still level at $26.00-$27.00 cwt. ($520-$540/nt or $573-$595/mt) DDP loaded truck in US Gulf ports. However, sources say this doesn’t mean the downtrend has hit bottom—traders are just waiting for the bottom to accept new offers, leaving the offer range in limbo.