With predictions of another slight downtrend in US domestic scrap prices next month and continued flexibility in the import wire rod market, pressure is mounting against US domestic wire rod spot prices. Sources tell SteelOrbis that it’s a “buyer’s market” even though purchasing activity is tepid, but many report widespread dealmaking that has dragged the spot price range down yet again.
This week, US wire rod spot prices are hovering at $25.50-$26.50 cwt. ($510-$530/nt or $562-$584/mt) ex-mill, which reflects a decline of $0.50 cwt. ($10/nt or $11/mt) since last week. Sources also report a few larger “outlier” deals in the market, which could soon spread to the general range if market conditions remain the same.