Sources tell SteelOrbis that demand and buying activity within the US domestic wire rod market has not changed in the last week, with general weakness continuing to define the current market, along with near-term expectations. Slow buying activity has been attributed to a variety of factors, including weaker demand in some end-use markets and a slight overhang in inventory.
This week, US domestic wire rod spot prices remain in the range of $37.50-$38.50 cwt. ($750-$760/nt or $827-$838/mt) ex-mill, unchanged in the last week, although sources say some large buyers might be able to book orders slightly below that range.
Prices are expected to trend neutral to down in the near-term, although one source pointed out that “wire rod mills in particular aren’t shy about raising prices at inappropriate times.” Other sources contend that if mills decide they want to stop prices from slipping, they will most likely do so on an individual, order-by-order basis.