Amid speculation that US domestic wire rod prices have finally hit bottom, wire rod buyers are reportedly holding off on import inquiries, choosing to replenish inventories with US domestic material before prices start to rise. Some sources point out that there is still ample supply of already-arrived import wire rod at US Gulf ports, which could help keep US domestic prices stable through competition, but other sources say that situation won’t last, as the supply of wire rod positions is not as ample as others assume.
With little interest in future-arriving import wire rod, offers have not changed in the last two weeks. Import wire rod offers to the US from Germany and Malaysia are still being heard in the range of $31.00-$32.00 cwt. ($683-$705/mt or $620-$640/nt) DDP loaded truck in US Gulf ports.