For months, there has been virtually no movement in import wire rod offers to the US from Turkey, largely because Turkish mills have been more aggressive seeking orders for other products such as rebar. However, lower scrap prices in Turkey spurred mills to drop their wire rod prices somewhat, a move that has not inspired much interest in the US wire rod market. Traders report little to no increase in inquiry activity for the new Turkish wire rod offer range of $30.00-$31.00 cwt. ($661-$683/mt or $600-$620/nt) DDP loaded truck in US Gulf ports--down $0.50 cwt. ($11/mt or $10/nt) since last week, although interest in Chinese wire rod remains comparatively steady. Chinese offer prices have leveled out in the last week after a small drop, remaining in the range of $29.00-$30.00 cwt. ($639-$661/mt or $580-$600/nt) DDP loaded truck in US Gulf ports.
As for the US domestic market, demand remains weak and prices are still vulnerable, as early reports of a potential uptick in scrap prices for June have devolved into a spectrum of possible trends. Although domestic wire rod spot prices narrowed into the range of $33.50-$34.00 cwt. ($739-$750/mt or $670-$680/nt) ex-mill last week, sources tell SteelOrbis that a few larger customers have been able to book as low as $33.00 cwt. ($728/mt or $660/nt) ex-mill, a level that could become available to a larger swath of customers if scrap predictions begin to point solidly downward. Until then, mills are struggling to keep the low end of the range afloat--a rather difficult task in such a buyer's market.