US domestic wire rod mills have been mostly successful in keeping a firm grip on the current wire rod spot price range of $33.50-$34.50 cwt. ($739-$761/mt or $670-$690/nt) ex-mill, but sources tell SteelOrbis that many transactions have been concluded as low as $33.00 cwt. ($728/mt or $660/nt) ex-mill, and hardly any transactions are reaching the $34.50 cwt. level. With predictions for February scrap pointing to a slight downtrend, wire rod mills have lost optimism for a sideways trend they could've used to their advantage. However, even in the event of a slight scrap price decrease, there is little chance mills will let spot prices dip below $33.00 cwt.-they might have lost some leverage, sources say, but that doesn't mean they're going to just fold to the whims of their customers.
As for imports, Turkish wire rod offer prices have slipped slightly in the last week into the range of $31.50-$32.50 cwt. ($694-$716/mt or $630-$650/nt) DDP loaded truck in US Gulf ports, reflecting a $0.50 cwt. ($11/mt or $10/nt) decrease. However, traders tell SteelOrbis that the softening price has not garnered a pick-up in customer interest. Chinese wire rod, on the other hand, is still attracting interest in the range of $30.00-$31.00 cwt. ($661-$683/mt or $600-$620/nt) DDP loaded truck in US Gulf ports.