Purchasing activity in the US import wire rod market has been “tepid as ever” in the last week, according to sources, with prices from Turkey maintaining a steady trend. However, in light of this week’s substantial US domestic wire rod price increase announcements—Nucor announced an immediate $3.00 cwt. ($60/nt or $66/mt) increase for all wire mesh products while Davis Wire Corp announced a $2.00 cwt. ($40/nt or $44/mt) increase for wire rod, effective Jan. 3—sources say “it’s a good time” for offshore producers of wire rod to attempt higher offer prices.
Already, some traders have reported “little resistance” to the few inquiries they’ve answered with slightly higher prices. The overall range for Turkish offers of imported product in the US domestic market is still relatively stable this week at $22.00-$23.00 cwt. ($440-$460/nt or $485-$507/mt) DDP loaded truck in US Gulf ports, but according to sources, some offers of $23.50 cwt. ($470/nt or $518/mt) DDP loaded truck in US Gulf ports have been heard. Considering the US domestic wire rod market dynamics and the strong uptrend in US domestic scrap prices this month, this gradual shift upward in import offers is expected to continue.