While import offer prices for wire rod in the US have not moved in the last week, diverging trends from the two main sources of mesh-quality rod should be apparent in the next week. The Turkish wire rod export market is soft right now, and traders expect prices to move down soon from the current range of $32.00-$33.00 cwt. ($705-$728/mt or $640-$660/nt) DDP loaded truck in US Gulf ports. Chinese mills, on the other hand, have not been profiting enough with the current range of $31.50-$32.50 cwt. ($694-$717/mt or $630-$650/nt) DDP loaded truck in US Gulf ports, according to traders, and so they are not eager to take on orders for the moment. Prices could indeed rise in the near term, but sources tell SteelOrbis that US interest is not strong for imports in general, and increasing prices in particular.
As for the US domestic wire rod market, spot prices are still in the range of $32.00-$33.00 cwt. ($705-$728/mt or $640-$660/nt) ex-mill, comprising only $1.00 cwt. ($22/mt or $20/nt) of the announced $1.50 cwt. ($33/mt or $30/nt) decrease. Sources tell SteelOrbis that larger customers are getting the additional $0.50 cwt. ($11/mt or $10/nt) off, but that situation might not last for long, especially if shredded scrap prices make a dramatic bounce back in August as many predict.