Although nothing official has been announced and a widespread trend has yet to materialize, sources tell SteelOrbis that US domestic wire rod prices are “fairly negotiable” with a growing number of customers booking orders under last week’s spot price range of $31.00-$32.00 cwt. ($620-$640/nt or $683-$705/mt) ex-mill. Transactions for around $0.50 cwt. ($10/nt or $11/mt) under the low end of that range have been heard in the Midwest, and while some smaller buyers are still paying close to the high end of the range, those transactions are expected to dissipate in the coming weeks.
As for imports, slow demand and downtrending scrap in Turkey have dropped some offers by about $10/mt on the CFR level, but traders tell SteelOrbis that they aren’t eager to alter last week’s offer range of $27.50-$28.50 cwt. ($550-$570/nt or $606-$628/mt) DDP loaded truck in US Gulf ports because CFR prices have not yet hit bottom.