Even though US domestic wire rod mills tried to raise transaction prices for a second time earlier this month, their failure might be an early indicator of a price decrease to come. Demand for wire rod is “terrible” according to sources, with few transactions aside from “need it now” purchases from domestic mills. Interest in imported material isn’t that much better, but with import offer prices continuing to drop, mills might offer “foreign fighter” type deals to boost ordering activity. Any price change, however, will almost certainly be on a quiet, case-by-case basis—not published like the two increase attempts in June and July. And until then, spot prices are still languishing in the range of $27.50-$28.50 cwt. ($550-$570/nt or $606-$628/mt) ex-mill.
As mentioned import wire rod prices from Turkey fell again this week by about $0.50 cwt. ($10/nt or $11/mt) into the range of $23.75-$24.75 cwt. ($475-$495/nt or $524-$546/mt) DDP loaded truck in US Gulf ports. The downtrend is expected to continue even though, according to traders, Turkish mills are not as aggressive with wire rod as they are with rebar.