Although US import wire rod prices trended stable again this week, sources tell SteelOrbis that offers could rise by next week despite several "headwinds," such as vulnerable scrap prices and low demand. Turkish mills are reportedly eager to firm prices, although traders say they will face pushback if they increase offers.
Until the outlook is clear, Turkish offers of imported product in the US domestic market are expected to remain in the range of $23.00-$24.00 cwt. ($460-$480/nt or $506-$529/mt) DDP loaded truck in US Gulf ports.
As for incoming wire rod imports, US-based traders are still contending with an influx of wire rod positions. Recent US import data show 157,956 mt of wire rod import permits for March, and 61,919 mt so far this month as of April 11.