Although inquiry activity in the US import wire rod market showed an uptick in the last couple weeks, offer prices have not changed and purchasing activity is reported to be slow-to-stable. Sources tell SteelOrbis that traders were hoping the February-effective price increase in the US domestic market would go through, widening the margin between US domestic and import offers. However, market insiders are skeptical about the increase’s success given the sideways trend in February US domestic scrap prices—as it is, the gap between the two price levels is “far too narrow.”
For now, offers of imported wire rod in the US domestic market from Germany are still around the level of $31.50 cwt. ($630/nt or $694/mt) DDP loaded truck in US Gulf ports, while offers from Brazil are still reportedly close to German offers.