With several indicators pointing toward an uptrend in US domestic wire rod prices in the near-term, sources tell SteelOrbis that the trend could spill over into the import market, even though demand remains lackluster. US domestic wire rod spot prices have already inched up by $0.50 cwt. ($11/mt or $10/nt) this week, finally putting some room between domestic and import offers.
For now, US import wire rod offers from Germany are unchanged week-on-week in the range of $26.00-$27.00 cwt. ($573-$595/mt or $520-$540/nt) DDP loaded truck in US Gulf ports, and sources say importers are already “less amenable” to offering on the lower end of the range, indicating the range could firm up soon.