Have US import wire rod prices hit bottom?

Friday, 22 November 2019 20:49:58 (GMT+3)   |   San Diego
       

While sources last week reported that the US domestic wire rod price increase announcement would have little effect on the US import wire rod market, the move has seemed to put an end to the long downward drift of import prices. With speculation that US wire rod prices could possibly rise somewhat—although not by the entire increase amount—import offers are reportedly not as flexible as they were last week.

Offers from Germany are stable this week at $28.50-$29.00 cwt. ($628-$639/mt or $570-$580/nt) DDP loaded truck in US Gulf ports. As for offers from Brazil, a small uptick of $0.25 cwt. ($5.50/mt or $5/nt) has been reported, with offers now at $28.25-$29.25 cwt. ($623-$645/mt or $565-$585/nt) DDP loaded truck in US East coast ports. However, sources note that higher Brazilian prices are likely related more to Brazilian steel market factors rather than the US domestic market.


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