Demand and inquiry activity within the US import wire rod market have not measurably improved in the last week, leaving offer prices relatively stable. Sources cite downtrending US domestic wire rod prices as one factor for the drag in import demand, along with a surge of import wire rod arrivals at US ports.
According to the latest US steel import data, US wire rod import permits totaled 114,558 mt in April, compared to 72,111 mt in permits for March and 55,360 mt (final census data) of wire rod in February. While prices for those arrivals are not much different than current offers for future arrivals, sources say traders are not wanting to hold onto much inventory, anticipating lower prices in the near-term. As such, they will reportedly be open to deals on the positions.
As for current offer prices, offers have not changed week-on-week, at $32.00-$32.50 cwt. ($705-$717/mt or $640-$650/nt) DDP loaded truck in US Gulf ports from India, and $33.00-$35.00 cwt. ($728-$772/mt or $660-$700/nt) DDP loaded truck in US Gulf ports from Germany and Malaysia.