After wire rod experienced a trend reversal in the domestic Turkish market this past week, traders tell SteelOrbis that Turkish mills have increased import offers to the US by about $10/mt. However, the move has not been welcomed in the US market, and traders have not yet raised their prices to their customers. With demand for wire rod so tepid and US domestic prices vulnerable to further softening, sources tell SteelOrbis that the recent Turkish increase will be largely ignored, especially if it's a temporary boost. Therefore, import offer prices from Turkey are still in the range of $33.00-$34.00 cwt. ($728-$750/mt or $660-$680/nt) DDP loaded truck in US Gulf ports this week. Chinese wire rod offer prices are also unchanged this week, but unlike their Turkish competition, Chinese mills are expected to soften offers in the coming weeks. For now, offer prices are still in the range of $32.00-$33.00 cwt. ($705-$728/mt or $640-$660/nt) DDP loaded truck in US Gulf ports.
As mentioned above, US domestic wire rod spot prices are still under pressure to drop from their current range of $33.50-$34.50 cwt. ($739-$761/mt or $670-$690/nt) ex-mill. Prices have remained stable in the last week, but sources say that is only because ordering activity is lackluster. However, customers who plan on placing a larger-than-typical order might be able to negotiate the general range downward.