Earlier this week, sources had reported a possible softening in wire rod import offers to the US, but after the US DOC released its Section 232 recommendations today, traders tell SteelOrbis that inquiries have grinded to a halt. DOC Secretary Wilbur Ross issued three remedy options for the president to choose from, including a 24 percent tariff on all steel products from all countries, and a 53 percent tariff from a selection of countries. Quotas on those countries comprise the final option, and sources say no matter which one the president chooses, wire rod imports are “doomed.”
Last week, offers of imported wire rod in the US domestic market from Germany were around the level of $31.50 cwt. ($630/nt or $694/mt) DDP loaded truck in US Gulf ports, with offers from Brazil close behind. As of Friday, traders say they are unsure of what a current offer price if they have to take potential tariffs into consideration.