Although sources tell SteelOrbis that deals are available in the US import wire rod market, buyers are continuing to show little interest in booking imports, primarily because they expect prices within the US domestic wire rod market to weaken further. With US scrap price predictions for September shifting to a soft-sideways trend, sources say US wire rod buyers will likely find attractive prices at domestic mills.
Most import wire rod offers to the US from Malaysia, have now dipped below the level of $30.00 cwt. ($661/mt or $600/nt) DDP loaded truck in US Gulf ports, while offers from Germany are now reported at $30.00-$31.00 cwt. ($661-$683/mt or $600-$620/nt) DDP loaded truck in US Gulf ports, reflecting a decline of $0.50 cwt. ($11/mt or $10/nt) in the last week. Aside from weak US domestic wire rod prices, sources also point to “general uncertainty” in the steel market as a whole for the lack of interest in imports.