There has not been any measurable increase in demand for US import wire rod, and sources tell SteelOrbis that offer prices are also stable week-on-week. US wire rod buyers can still opt for already-arrived imports at US ports, but with a downtrend apparent in month-on-month arrivals, supplies won’t last long.
For now, there is still a wide enough margin between US import wire rod offers and US domestic wire rod spot prices to “take the risk” on future arrivals, but sources say traders are still wary of the uncertain import market. Additionally, many import buyers were hoping the new NAFTA deal agreed upon by the US, Mexico and Canada would include the elimination of Section 232 tariffs, but the US Department of Commerce sidelined the issue until “later.”
For now, offers for imported wire rod in the US domestic market from Germany are still around $36.50 cwt. ($730/nt or $805/mt) DDP loaded truck in US Gulf ports, and offers from Greece still ranging from $36.00-$37.00 cwt. ($720-$740/nt or $794-$816/mt) DDP loaded truck in US Gulf ports. Offers from Brazil are still at $35.00-$36.00 cwt. ($700-$720/nt or $772-$794/mt) DDP loaded truck in US Gulf ports.