Market fundamentals have not changed in the last week within the US import wire rod market, although some lower offer prices have been heard in the last week. Offers from Germany ticked down approximately $1.00 cwt. ($22/mt or $20/nt) into the range of $33.00-$35.00 cwt. ($728-$772/mt or $660-$700/nt) DDP loaded truck in US Gulf ports. German offers are now competitive compared to Australian offers, which are still around $33.00 cwt. ($728/mt or $660/nt) DDP loaded truck in US Gulf ports. Meanwhile, sources continue to report offers coming in from a new alternative source, Malaysia, although firm offer prices could not be confirmed yet.
Despite the decline in German wire rod offers to the US, sources still contend that prices will gain strength in the coming month once buyers return to the market to stock up for spring. Buyers will also have plenty of position supply to choose from as well, as US import license data show 109,527 mt of wire rod import permits for January, and 24,718 mt so far in February (as of Feb. 12). Sources note that those position prices are slightly higher than current offer prices.