Although US domestic wire rod prices are supposed to rise as of February 1, following the $1.50 cwt. ($30/nt or $33/mt) mill price increase announced earlier this month, sources tell SteelOrbis that with four days to go, spot prices have not registered much of a change. A shift in scrap trend expectations is one reason—previous expectations of a neutral trend in February have shifted downward, and with the possibility of lower input costs hanging over them, mills aren’t in the best position to push for higher prices. So for now, US domestic wire rod spot prices are stable in the range of $25.00-$26.00 cwt. ($500-$520/nt or $551-$573/mt) ex-mill, with little chance of rising as of next week.
As for the import market, offers from Turkey are also unchanged in the range of $18.25-$19.25 cwt. ($365-$385/nt or $402-$424/mt) DDP loaded truck in US Gulf ports, with comparable offers from Brazil still in play. However lower US export scrap prices to Turkey reported this week could have an effect on the country’s long products, so traders are reportedly holding off on inquiries for a few days until the trend becomes clear.