Sources within the US import wire rod market are “largely unconcerned” with the US domestic wire rod price increase announcement this week—few buyers are convinced the increase will be absorbed in the market, but even if it does, it could still benefit the import wire rod market. Still-low import offers will only look more attractive if US spot prices rise, and some sources report a shift in buyer sentiment from “extreme caution due to uncertainty” to “cautious optimism about the market in 2021.”
As such, some import sources believe they could nudge import offers slightly higher to take advantage of the trend, but for now US import wire rod offers remain stable at $26.50-$27.50 cwt. ($584-$606/mt or $530-$550/nt) DDP loaded truck in US Gulf ports from Germany.