The US domestic wire rod market continues to trend sluggish with weak demand and ample inventory levels “that buyers should have burned through by now,” sources say. Chances of firming up prices were already low before the latest US scrap market predictions, and now that expectations are pointing to a potential $10/mt drop in US scrap prices next month, sources tell SteelOrbis that US domestic wire rod prices “might not have hit bottom after all.”
Most US domestic wire rod prices are still trending around $31.00-$32.00 cwt. ($683-$705/mt or $620-$640/nt) ex-mill, but sources have confirmed some transactions for as low as $30.50 cwt. ($672/mt or $610/nt) ex-mill, while other say “hardly anyone” is paying the upper end of $32.00 cwt. ($705/mt or $640/nt) ex-mill. Sources say US domestic wire rod spot prices are vulnerable to further corrections, especially after September scrap prices are announced.