Although the $1.00 cwt. ($22/mt or $20/nt) price increase for April shipments has started to trickle through for smaller customers in the US wire rod market, sources tell SteelOrbis that on the other end of the spectrum, mills' largest customers are still able to book orders for up to (but certainly not exceeding) $1.00 cwt. below the general spot range of $37.00-$38.00 cwt. ($816-$838/mt or $740-$760/nt) ex-mill. As such, the spot range is "stuck," in the words of one Midwest wire producer, and it seems that the mostly sideways trend for scrap this month will keep the market frozen in place. However, there are some recent rumors that shredded scrap could come down slightly, by about $5-$10/long ton, but sources insist that nothing short of a sudden scrap increase could compel mills to announce anything other than a neutral trend for May wire rod shipments.
As for imports, both Turkish and Chinese wire rod mills are hoping that the US price increase becomes more widespread, so they can justify an import price increase to the US. For now, however, Turkish wire rod offer prices are still in the range of $34.00-$35.00 cwt. ($750-$772/mt or $680-$700/nt) DDP loaded truck in US Gulf ports. Just before Chinese mills closed this week to celebrate the Qing Ming Festival, traders heard of a slight bump in CFR offers, but they are waiting until after the holiday to see if the increase sticks--or if Chinese mills take the plunge and bump offers further. Until then, import sales prices in the US still stand at $33.50-$34.50 cwt. ($739-$761/mt or $670-$690/nt) DDP loaded truck in US Gulf ports.