As demand conditions for US import wire rod remain weak, lower offers are being heard in the market and sources say prices still have room to drop further. US import wire rod offers from Malaysia are now in the range of $28.50-$29.00 cwt. ($628-$639/mt or $570-$580/nt) DDP loaded truck in US Gulf ports, reflecting a decrease of $0.50 cwt. ($11/mt or $10/nt) in the last week. Offers from Germany, meanwhile, are still being heard at $29.00-$29.50 cwt. ($639-$650/mt or $580-$590/nt) DDP loaded truck in US Gulf ports, with fewer offers heard at the high end of the range.
As for current arrivals of US import wire rod, positions at the ports are dwindling. The latest US steel import data show 51,837 mt in wire rod import permits for September, compared to a census data total of 65,769 mt in August and 75,866 mt in July.