As the US steel industry as a whole awaits the results from the Section 232 investigation—which, according to remarks from DOC Secretary Ross, are expected “very shortly”—the US domestic wire rod market in specific is struggling to keep prices firm, according to sources.
A decline in June shredded scrap prices (down $10-$15 per ton depending on the region) has left wire rod spot prices vulnerable to deals, although sources confirm there is “no way” US domestic wire rod mills will officially drop prices in reaction to scrap. Currently, US mills are reportedly trying to keep spot prices as “firm as possible” ahead of the Section 232 results, and if the investigation leads to a loss of import supply, mills want to be “ready” to raise prices.