Although pockets of optimism appeared within the US domestic wire rod market once predictions of a slight upward trend in December scrap prices became prevalent, sources tell SteelOrbis that mills will likely struggle to firm up the current spot range due to limited demand.
Purchasing activity is particularly slack this week due to the Thanksgiving holiday, but sources say bookings are not expected to see much of an increase next week. Prices are also expected to remain mostly stable, with the current spot range unchanged this week at $31.00-$31.50 cwt. ($620-$630/nt or $683-$694/mt) ex-mill.