US import wire rod prices have stayed stable in the last week, as demand remains tepid due to the upcoming holidays. However, sources continue to hear about offers from new sources in the import wire rod market, although it’s not known quite yet if those sources have “staying power.”
According to the latest US steel import data, there were 16,807 mt in wire rod import permits from Venezuela recorded in November, compared to 1,740 mt in total wire rod imports from the country over the last 12 months. A trader source who did not participate in that transaction speculated that prices could be around $35.00 cwt. ($772/mt or $700/nt) DDP loaded truck in US Gulf ports, which is lower than current offers from Germany at $37.00 cwt ($816/mt or $740/nt) DDP loaded truck in US Gulf ports. However, the source was skeptical of Venezuela becoming a regular source of US import wire rod, primarily because “the country and the mills over there are in shambles.”