Despite positive signs in the US manufacturing sector, wire rod demand continues to trend depressed in the US, and combined with an expected downtrend in US scrap prices this month, US wire rod prices are vulnerable.
Spot prices within the US domestic wire rod market are still ranging from a high of $28.50 cwt. ($628/mt or $570/nt) ex-mill to a low that bottoms out at $26.00 cwt. ($573/mt or $520/nt) ex-mill for special deals, with most quotes hitting somewhere in the middle.
As for US import wire rod, demand is even lower due to the reluctance of US buyers to bring in significant tonnage when the outlook for the next few months is “murky.” However, offer prices for US import wire rod are also stable at $28.00-$29.00 cwt. ($617-$639/mt or $560-$580/nt) DDP loaded truck in US Gulf ports from Germany.