Sources tell SteelOrbis that while there are some optimistic expectations for certain steel products prices to possibly stabilize in September, US domestic wire rod is not one of them. Buyers still consider current spot prices to be “much higher than they ought to be,” especially considering that pre-pandemic wire rod prices in January 2020 were around $30.00 cwt. ($661/mt or $600/nt) ex-mill.
This week, US domestic wire rod spot prices are at $53.00-$54.00 cwt. ($1,168-$1,191/mt or $1,060-$1,080/nt) ex-mill, down $0.50 cwt. ($11/mt or $10/nt) from last week. Sources say the modest downtick this week compared to other recent weekly decreases doesn’t necessarily indicate a stabilizing trend on the horizon, and further downticks are expected.