With China effectively out of the US wire rod import market, US-based traders report that other offshore sources are eager to take its place, although for now, their offer prices can’t beat the US’ main non-NAFTA source for imported wire rod: Turkey. A recent offer from Peru reportedly came in at a prohibitively-higher price than current Turkish offers of $31.00-$32.00 cwt. ($620-$640/nt or $683-$705/mt) DDP loaded truck in US Gulf ports, and while Turkish mills are said to be interested in lifting prices somewhat, traders tell SteelOrbis that deals are still available at the lower end of the wire rod CFR range.
Meanwhile, the US domestic wire rod market is still chugging along with spot prices in the range of $32.50-$33.50 cwt. ($650-$670/nt or $717-$739/mt) ex-mill, and while the elimination of Chinese imports from their list of price-pressures means there is little chance of dropping prices, there isn’t much in the way of demand or scrap price movements to justify even an attempt at an increase.