As buyers and sellers within the US import wire rod market return following the year-end holiday season, inquiries and orders have not yet returned to normal levels, although sources say new offers could be in the mix by next week. In the meantime, market players are wondering if anything will soon change with the import situation in the US, with most major sources of US import wire rod still subject to Section 232 tariffs.
The newly Democrat-controlled US Congress will be in charge of ratifying the new USMCA trade deal, and importers in the US are hoping part of the ratification process will include complete exclusion from Section 232 tariffs for Canada and Mexico. While Mexico is not traditionally a major source of US wire rod imports, sources say Mexican wire rod producers might take another look at the US market if Section 232 tariffs are eliminated.
For now, import wire rod offers to the US are stable this week, with last-heard offers from Germany still trending around $37.00 cwt ($816/mt or $740/nt) DDP loaded truck in US Gulf ports.