Although the US domestic wire rod market was described as tepid but steady last week, news today that the US GDP in the second quarter plunged by 32.9 percent year-on-year and 9.5 percent quarter-on-quarter has reportedly placed pressure on already-vulnerable US domestic wire rod prices. Spot prices are down slightly week-on-week, and sources tell SteelOrbis that further drops are “pretty much certain” in the coming weeks.
This week, US domestic spot prices are trending at $25.50-$27.00 cwt. ($562-$595/mt or $510-$540/nt) ex-mill, although sources say “very few” transactions are taking place on the high end of the range.