While most US domestic wire rod buyers are still paying spot prices in the range of $37.00-$38.00 cwt. ($816-$838/mt or $740-$760/nt) ex-mill or just below, sources tell SteelOrbis that some of the $1.00 cwt. ($22/mt or $20/nt) increase announced earlier this month has started to trickle through for smaller customers. However, even though US wire rod mills have been increasingly firm with their prices in the last few weeks, it is not expected that the general spot range will move up in the next month or so, especially if shredded scrap prices move sideways in April as predicted. Of course, if US mills are serious about pushing through the full $1.00 cwt. increase for April shipments across the board, they could institute another increase for May shipments--but for now, most sources say that is unlikely.
Meanwhile, trader sources tell SteelOrbis that Turkish wire rod mills are aware of the US domestic increase announcement, and have contemplated raising their own offer prices to the US--however, there is little chance of success with such a move, considering that inquiry activity for imported wire rod in the US is rather quiet. For now, import offer prices for Turkish wire rod remains at $34.00-$35.00 cwt. ($750-$772/mt or $680-$700/nt) DDP loaded truck in US Gulf ports. Chinese wire rod prices have also remained stable in the last week, at $33.50-$34.50 cwt. ($739-$761/mt or $670-$690/nt) DDP loaded truck in US Gulf ports, but sources have indicated that the trend might be pointing up, and an offer price increase might materialize next week.