Interest in US domestic wire rod remains lackluster

Thursday, 17 October 2019 23:43:31 (GMT+3)   |   San Diego

After dropping last week, US domestic wire rod prices have remained unchanged this week, although demand is still reported to be lackluster. Buyers continue to wait on the sidelines for possible lower prices in the near-term, but some sources say wire rod prices could see a floor if US domestic scrap prices trend neutral or up in November.

Other sources say it would take a significant increase in scrap prices to “move the meter” of the current US wire rod downtrend, and as long as demand remains poor, sources say “there will always be room to negotiate prices.” For now, US domestic wire rod spot prices are stable at $28.50-$29.50 cwt. ($628-$650/mt or $570-$590/nt) ex-mill.

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