With Turkey officially out of the US import wire rod market for as long as the country is subject to 50 percent Section 232 tariffs, new alternate sources continue to crop up, offering buyers a wide variety of options. Germany remains the top source of imported wire rod behind Canada, with Australia, Korea, Egypt, Brazil, Vietnam, and Venezuela offering sporadic tonnages in the last few months.
Sources say Venezuela in particular has a strong likelihood of becoming a semi-regular source of US import wire rod; despite the current political situation in the country, steel mills have been reportedly making overtures to US buyers in an attempt to establish a business relationship. Current offer prices from Venezuela could not be confirmed—the country accounted for 6,121 mt of US import wire rod in January, the first shipment since February 2018—but one source said Venezuelan wire rod is cheaper than European material.
As for other offers, US import wire rod offers from Germany are still ranging from $33.00-$35.00 cwt. ($728-$772/mt or $660-$700/nt) DDP loaded truck in US Gulf ports. Australian offers are also reported stable at around $33.00 cwt. ($728/mt or $660/nt) DDP loaded truck in US Gulf ports.