US domestic wire rod remains in a steady trend this week, supporting by decent demand and dwindling import arrivals at US ports. According to the latest US steel import data, October wire rod arrivals have only reached 50,653 mt (import permits as of Oct. 24), compared to 71,144 mt (preliminary census data) in September and 106,027 mt (census data) in August.
Unlike the US domestic rebar market, there is no question about the possibility of an upcoming price increase in the US domestic wire rod market. With the margin between US domestic and import wire rod offers remaining relatively tight, sources say US wire rod mills are reluctant to “rock the boat,” especially with the possibility of more countries exchanging Section 232 tariffs for quotas, or winning outright exemptions, as South Africa did this week for several flat steel products.
For now, US domestic wire rod spot prices are steady in the range of $39.00-$40.00 cwt. ($860-$882/mt or $780-$800/nt) ex-mill.