As the end of the month approaches, sources within the US domestic wire rod market are surprised that demand has not picked up after summer as many expected. While demand isn’t terrible enough to result in price declines, sources say the relatively stable trend in US scrap prices is “the only thing keeping wire rod prices stable.”
With early predictions pointing to another sideways price trend for shredded scrap in October, sources say US wire rod prices should remain mostly stable as well, although there are some reports of deals being made below the $40.00 cwt. ($882/mt or $800/nt) ex-mill level. Overall, sources say the current US domestic wire rod spot price range should continue ranging from around $40.00-$41.00 cwt. ($882-$904/mt or $800-$820/nt) ex-mill.