Although offer prices in the US import wire rod market have trended steady in the last week, further developments in the Section 232 tariff situation have brought hope to many import wire buyers in the US. As reported by SteelOrbis yesterday, the US Department of Commerce has asked US mills to provide documentation regarding their objections to a large majority of Section 232 exclusion requests. Wire buyers in the US complained to the DOC that mill objections were arbitrary and unfair, and if the mills can not prove they had adequate reason to object, many more exclusion requests will likely be granted, offering relief to wire product manufacturers who rely on imports.
Sources say they are hopeful about lower import wire rod prices in the near future, but until then, offers remain stable week-on-week. Offers for imported wire rod in the US domestic market from Germany still around $36.50 cwt. ($730/nt or $805/mt) DDP loaded truck in US Gulf ports, and offers from Greece still ranging from $36.00-$37.00 cwt. ($720-$740/nt or $794-$816/mt) DDP loaded truck in US Gulf ports. Offers from Brazil, meanwhile, are trending at $35.00-$36.00 cwt. ($700-$720/nt or $772-$794/mt) DDP loaded truck in US Gulf ports.