US import wire rod market continues lackluster trend

With import offers for nearly all steel products “more or less on hold,” according to sources, there has not been any change in the US import wire rod market in the last week. Inquiry activity is still quiet, and no new offers have been heard beyond the prevailing price range.

 

Turkish offers of imported wire rod in the US domestic market are still ranging from $23.50-$24.50 cwt. ($470-$490/nt or $517-$540/mt) DDP loaded truck in US Gulf ports, and order activity is not expected to resume until the results of the Section 232 investigation are announced. However, if the investigation results in high tariffs for imported steel, wire rod offers from Turkey could “dry up entirely,” according to sources.

 

For now, US wire rod buyers interested in imported material can still find deals on positions, although US import statistics are reflecting a downtrend in arrivals. As of June 20, wire rod import permits total 86,620 for the month, after a 12-month high of 173,199 mt for the entirety of May.