After Donald Trump announced this week that the Section 232 investigation was taking a back seat to other agendas like taxes and infrastructure, the lack of an imminent decision that could drastically affect the US steel import market has reopened negotiations between traders and foreign mills. While traders tell SteelOrbis they are just now “testing the waters,” new wire rod import orders could be on the books as soon as next week.
As for what the prices of those import orders could be, opinions vary—but many sources contend that quoted prices will be “slightly higher” than previous offers in order to reflect the international market. Turkish wire rod offers in particular are expected to rise in the near-term due to higher import scrap and billet prices, which means the previously heard Turkish offers of imported wire rod in the US domestic market, at $23.50-$24.50 cwt. ($470-$490/nt or $517-$540/mt) DDP loaded truck in US Gulf ports, will soon push upward.