Despite soft offer prices and decent—if not robust—demand in the US wire rod market, import interest and inquiry activity remains low, primarily due to buyers believing prices have not yet reached bottom. Additionally, the margin between US domestic and US import wire rod prices remains relatively narrow, and shorter lead times in the domestic market is a “significant incentive” to turn to US mills for orders, sources say.
As such, US import wire rod offers have not moved in the last week, although sources say they remain vulnerable. Import wire rod offers to the US from Germany and Malaysia are still being heard in the range of $31.00-$32.00 cwt. ($683-$705/mt or $620-$640/nt) DDP loaded truck in US Gulf ports.