US import wire rod offers dip lower

Friday, 09 August 2019 20:16:25 (GMT+3)   |   San Diego

Offshore wire rod mills are eager to book orders with US buyers, sources tell SteelOrbis, leading to a slight downtick in import wire rod offers prices to the US in the last week. Offers from Malaysia are now closer to $30.00 cwt. ($661/mt or $600/nt) DDP loaded truck in US Gulf ports, eroding the high end of last week’s range. Additionally, sources say they have heard of Malaysian wire rod offers in the sub-$30.00 cwt. level, although such offers appear to be outliers for now.

US import wire rod offers from Germany, meanwhile, have also ticked down to $30.50-$31.50 cwt. ($672-$694/mt or $610-$630/nt) DDP loaded truck in US Gulf ports, reflecting a $0.50 cwt. ($11/mt or $10/nt) decline since last week. Sources tell SteelOrbis that the price bottom for US import wire rod is “yet to be seen,” although further price downticks are expected to be modest.

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