With slow demand for both import and domestic wire rod in the US market, inquiries for future arrivals are reportedly low despite data showing current arrivals drying up this month. The latest import license data indicate only 14,284 mt in wire rod import permits for the first week of August, whereas July’s import permit total reached 79,273 mt, a slightly higher total than June’s census data total of 72,810 mt. The drop in August import permits seems to be primarily driven by Canada, the US’s largest source of imported wire rod, which was hit with Section 232 tariffs as of June 1. Other drop-offs include Brazil, Egypt, and Greece, which accounted for a combined 21,229 mt of import permits and July and have reported zero import permits so far in August.
Traders tell SteelOrbis that they continue to hear offers from those countries, although actual booked orders are “few and far between.” This week, offers for imported wire rod in the US domestic market from Brazil are still being heard ranging between $35.00-$36.00 cwt. ($700-$720/nt or $772-$794/mt) DDP loaded truck in US Gulf ports, while offers from Germany are still around $36.50 cwt. ($730/nt or $805/mt) DDP loaded truck in US Gulf ports and offers from Greece are around $36.00-$37.00 cwt. ($720-$740/nt or $794-$816/mt) DDP loaded truck in US Gulf ports.