Despite shredded scrap prices dropping by around $20/lt this month and not exactly robust demand levels for wire rod, US domestic wire rod mills are reportedly "putting up a front" of price firmness while still maintaining flexibility for larger customers. Sources tell SteelOrbis that because mills were not able to push through their full $1.75-$2.00 cwt. ($38-$44/mt or $35-$40/nt)--depending on the mill--price increase for April shipments, they are using that as an excuse to not follow scrap with a wire rod transaction price decrease. Therefore, spot prices are still falling into the general range of $34.00-$35.00 cwt. ($750-$772/mt or $680-$700/nt) ex-mill, with larger customers negotiating downward for as low as $33.50 cwt. ($739/mt or $670/nt) ex-mill or slightly lower.
Import wire rod offers, meanwhile, are unchanged this week, as traders report lackluster demand for future orders. Turkish wire rod offers are still in the range of $30.50-$31.50 cwt. ($672-$694/mt or $610-$630/nt) DDP loaded truck in US Gulf ports, with no predictions of moves either way in the near-term. Chinese wire rod offers have stabilized after dropping slightly a week ago, with prices still in the range of $29.25-$30.25 cwt. ($645-$667/mt or $585-$605/nt) DDP loaded truck in US Gulf ports.