Although the US scrap market has not yet settled for the month, predictions of a $20/ton (or more) decline in shredded prices has solidified pressure on an already-vulnerable US wire rod market. Sources tell SteelOrbis that spot prices for wire rod have shifted downward by about $0.50 cwt. ($10/nt or $11/mt) in the last week, to $24.50-$25.50 cwt. ($490-$510/nt or $539-$561/mt) ex-mill.
Rumors of an official price decrease are still swirling, but many sources are skeptical that mills will want to “make price vulnerabilities public” at this time. As such, quiet deals on a case-by-case basis are expected to continue, gradually dragging the spot range downward for the foreseeable future, according to sources.