Conflicting trends between the US import and domestic wire rod market has left prices stable amid the uncertainty, with sources telling SteelOrbis that most Turkish offers of imported wire rod in the US domestic market are still in the range of $26.50-$27.50 cwt. ($530-$550/nt or $584-$606/mt) DDP loaded truck in US Gulf ports.
One the import side, higher scrap prices in Turkey have the potential to push prices upward, but sources say demand in the US isn’t strong enough to support higher prices. On the domestic side, an attempt to push up US domestic wire rod prices has “hit a wall,” according to sources, now that it appears US domestic shredded scrap prices are settling at around $40 per ton lower this month. If US domestic wire rod prices soften as a result, there is little to no incentive for US buyers to turn to imports if the spread between prices narrows.