Although demand for wire rod within the US market is steady, sources also describe it as “lackluster” compared to other long products. As a result, US domestic wire rod mills are still competing with each other for “scraps,” leading to widespread deals in the market.
As such, US domestic wire rod spot prices are down about $0.50 cwt. ($11/mt or $10/nt), now ranging from $39.50-$40.50 cwt. ($871-$893/mt or $790-$810/nt) ex-mill. However, sources point out that despite the demand situation, US wire rod mills might be less willing to offer deals if the scrap pricing trend in the US changes—currently, predictions point to a possible uptrend in November scrap prices, which could give US wire rod mills a slight edge in pricing.