Low demand, high inventories, and expectations that spot prices will continue to drop have kept the US domestic wire rod market in a firm downtrend over the last week, and although US wire rod mills have not announced any further official price decreases, sources say prices are still declining. The market pressures are also significant enough that some sources are starting to report order cancellations, which they expect to increase in the near-term.
This week, US domestic wire rod spot prices are in the range of $59.00-$60.00 cwt. ($1,301-$1,323/mt or $1,180-$1,200/nt) ex-mill, compared to of $60.50-$61.50 cwt. ($1,334-$1,356/mt or $1,210-$1,230/nt) ex-mill last week.