A continuing decline in international raw material prices has caused US import wire rod prices to trend downward again this week. Turkish offers of imported wire rod in the US domestic market are now ranging from $26.50-$27.50 cwt. ($530-$550/nt or $584-$606/mt) DDP loaded truck in US Gulf ports, reflecting a decline of $0.50 cwt. ($10/nt or $11/mt) in the last week.
The import trend is at odds with the US domestic wire rod trend, as US mills are aggressively trying to push through a $2.00 cwt. ($40/nt or $44/mt) price increase for shipments as of Oct. 2. So far, about half of the increase has been absorbed into the market, with mixed expectations for the remaining half. And while domestic wire rod buyers still have the option of purchasing positions at US ports, supplies are dwindling, which sources say could lead customers to book offshore for future arrivals instead.