As spot prices within the US domestic wire rod market continue to drop, sources tell SteelOrbis that import offers are not quite following suit, with only minor adjustments downward. This week, US import wire rod offers from Egypt are heard at $34.00 cwt. ($750/mt or $680/nt) DDP loaded truck in US Gulf ports, down $1.00 cwt. ($22/mt or $20/nt) from last week. However, other offers have not yet moved. Import wire rod offers to the US from Germany and Malaysia are still in the range of $33.00-$34.00 cwt. ($728-$750/mt or $660-$680/nt) DDP loaded truck in US Gulf ports, unchanged in the last week.
Sources tell SteelOrbis that due to the close proximity to US domestic wire rod prices, US import wire rod offers are “not particularly attractive,” and will have to come down “substantially” for buyers to be willing to make a large import order. Demand for wire rod in the US is following an overall weak trend, and so buyers are reportedly sticking with US domestic mills to fill inventory holes with small orders.