Although traders tell SteelOrbis that Turkish mills are still accepting lower quotes for wire rod orders, the effect on sales prices in the US isn’t exactly “responding in turn.” The high end of last week’s offer range of $25.50-$26.50 cwt. ($510-$530/nt or $562-$584/mt) DDP loaded truck in US Gulf ports is still valid for certain destinations within the US, but traders say sales to customers within the Gulf Coast are going for as low as $24.00 cwt. ($480/nt or $529/mt) DDP loaded truck. With scrap prices still vulnerable in Turkey, sources say the downtrend will likely continue.
As for the US domestic market, wire rod mills have not found much traction pushing through the July increase. While some customers are paying a portion of it, mills are “going easy” on most customers and leaving spot prices in the range of $27.50-$28.50 cwt. ($550-$570/nt or $606-$628/mt) ex-mill.