US domestic wire rod prices continue to soften

Thursday, 31 January 2019 01:06:04 (GMT+3)   |   San Diego

Despite the lack of an official price decrease announcement this month and predictions of a possible upswing in US domestic scrap prices in February, US domestic wire rod prices have slipped again this week, as sources say the overall market remains soft. Last week’s reported low end of the general price range, $38.00 cwt. ($760/nt or $838/mt) ex-mill, is now the high end of the range, with the lowest deals heard at up to $2.00 cwt. ($40/nt or $44/mt) less than that.

While some sources contend that US wire rod mills will be able to put a floor on prices once scrap prices settle next month, others are not confident the current demand environment in the US wire rod market can overcome even strong raw material prices. As such, sources say there’s a chance wire rod prices could dip even further from current levels.

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