Demand within the US domestic wire rod market has not measurably improved, and continued expectations for a US scrap price downtrend next month have left US wire rod prices in a vulnerable position. Sources tell SteelOrbis that deals are persisting to an extent that few if any quotes are being heard above $28.50 cwt. ($628/mt or $570/nt) ex-mill, down from a high end of $29.00 cwt. ($629/mt or $580/nt) ex-mill last week. On the low end of the range, some offers have been heard as low as $26.00 cwt. ($573/mt or $520/nt) ex-mill.
Actual transactions remain muted, sources say, adding that at least import competition isn’t much of a current factor—the latest US steel import data indicate wire rod import permits for June will likely total about half of May’s level, leaving fewer position opportunities at US ports.