As expected, the $1.00 cwt. ($22/mt or $20/nt) transaction price increase announced by US domestic wire rod mills last week has not necessarily pushed up the general spot price range--however, sources tell SteelOrbis that any deals underneath $37.00-$38.00 cwt. ($816-$838/mt or $740-$760/nt) ex-mill require hard bargaining to achieve. Even mills' largest customers are not able to negotiate for more than a $1.00 cwt. price cut, which indicates just how intent mills are to regain control of spot prices. According to some sources, mills are counting on another sideways scrap move next month, which could help them not only eliminate most discounting in the market, but also push through some of the increase applicable to April shipments.
As for imports, Turkish offer prices have experienced a correction in the last week, with new offers in the range of $34.00-$35.00 cwt. ($750-$772/mt or $680-$700/nt) DDP loaded truck in US Gulf ports. Traders tell SteelOrbis the decrease is in reaction to a lack of interest from the US, and possibly a response to Chinese wire rod offers, which have remained unchanged in the last week at $33.50-$34.50 cwt. ($739-$761/mt or $670-$690/nt) DDP loaded truck in US Gulf ports.