Although US domestic wire rod mills haven’t issued any sort of official price decrease, spot prices are ticking down on the basis of individual deals. This week, spots are down approximately $0.50 cwt. ($10/nt or $11/mt) to account for the general downtrend in long steel products, bringing most wire rod bookings into the range of $26.00-$27.00 cwt. ($520-$540/nt or $573-$595/mt) ex-mill. However, sources tell SteelOrbis that an official decrease for wire rod is not likely after mills issued one so recently, and so the case-by-case discounting will continue as long as demand and scrap prices remain weak.
Import wire rod offers are also down by $0.50 cwt. this week, with Turkish wire rod now being offered in the range of$20.00-$21.00 cwt. ($400-$420/nt or $440-$462/mt) DDP loaded truck in US Gulf ports. Traders tell SteelOrbis that this still doesn’t represent a “bottom” for prices, and more minor downticks are expected in the near-term.