Although not much has changed in terms of prices and purchasing activity in the US domestic wire rod market since last week, sources tell SteelOrbis that many are wondering if a price announcement could be on the horizon, considering trends in other long products.
This week, Nucor and SDI both dropped prices for merchant bar and wide flange beams, citing domestic dealmaking and import competition for the move. While domestic competition isn’t much of an influential factor in the US domestic wire rod market currently, some sources say struggling demand could be enough of a reason to drop wire rod prices as well.
Until then, spot prices are still largely in the range of $25.00-$26.00 cwt. ($500-$520/nt or $550-$572/mt) ex-mill, although sources confirm larger customers can cut deals beneath the range.