Although a tangible uptrend in US import wire rod offers was expected once buyers returned from the holidays, sources tell SteelOrbis that there is “hesitation” in the market due to uncertain market factors. Most notably, traders were awaiting an imminent announcement of the conclusion of the Section 232 investigation, which could result in sweeping steel tariffs and/or quotas. However, the US Department of Commerce announced late Thursday that it had passed along its conclusions to the president, who has 90 days to respond. The DOC recommendations were not made public, leaving overall uncertainty to linger in the market.
With no immediate action against US steel imports in the near-term, sources say inquiries and orders should resume soon. The overall trend in the US import wire rod market is still pointing upward, and higher offers could be in place by next week. This week, offers of imported wire rod in the US domestic market from Germany are still around the level of $31.00 cwt. ($620/nt or $683/mt) DDP loaded truck in US Gulf ports, while imported wire rod in the US domestic market from Egypt is still in the range of $30.50-$31.75 cwt. ($635/nt or $700/mt) DDP loaded truck in US Gulf ports.