Continually-dropping import offers combined with downtrending scrap prices has finally put enough pressure on the US domestic wire rod market to lower the general spot price range. Mesh-grade wire rod is now being offered in the range of $31.00-$32.00 cwt. ($620-$640/nt or $683-$705/mt) ex-mill, reflecting a decrease of $1.00 cwt. ($10/nt or $11/mt) from last week, and some sources say that depending on the mill, region, and customer clout, some deals have been heard of for around $1.00 cwt. less (one source even reported a deal for $2.00 cwt. less). Even so, sources tell SteelOrbis that mills are not willing to drop prices further for the general market; winter usually brings higher scrap prices and import offers are expected to hit bottom soon, which will return leverage to mills.
As of this week, import offers of wire rod from Turkey still stand at $27.50-$28.50 cwt. ($550-$570/nt or $606-$628/mt) DDP loaded truck in US Gulf ports, but traders do not plan to actively seeking out newer offers until after the Thanksgiving holiday.