Another month of declining scrap prices has left US domestic wire rod spot prices especially vulnerable, and sources tell SteelOrbis that the downward drift in prices “is nowhere near done.” Low wire rod import offers are also putting pressure on domestic offers, with some sources saying that some mills are matching import prices for certain customers.
For now, US domestic wire rod spot prices are in the range of $56.00-$57.00 cwt. ($1,235-$1,257/mt or $1,120-$1,140/nt) ex-mill, down $2.00 cwt. ($44/mt or $40/nt) since our last report two weeks ago.