Without the strong demand of other US domestic long products like rebar, wire rod prices dropped slightly week-on-week after US shredded scrap prices settled at down $50/mt this month. Aside from demand, the modest $0.50 cwt. ($11/mt or $10/nt) downtick in wire rod spot prices this week has been attributed to plentiful domestic wire rod capacity, short lead times (around 2-3 weeks), a little if any competition for imports.
As such, sources tell SteelOrbis further downticks in US wire rod prices are likely, but for now, US domestic wire rod spot prices are down to the range of $39.50-$40.50 cwt. ($871-$893/mt or $790-$810/nt) ex-mill.