US domestic wire rod prices get increasingly soft

Thursday, 26 September 2019 09:53:22 (GMT+3)   |   San Diego
       

With a tepid demand situation in the US domestic wire rod market, spot prices are reportedly “quite vulnerable” to other market factors, including scrap. And with the latest predictions for US domestic scrap prices pointing to a substantial decrease in October (anywhere from $20-$40/mt), US wire rod prices are already feeling the downward pressure.

This week, US domestic wire rod spot prices have declined to $29.50-$30.50 cwt. ($650-$672/mt or $590-$610/nt) ex-mill, reflecting a decrease of $1.00 cwt. ($22/mt or $20/nt) in the last week. Sources tell SteelOrbis that prices have not yet hit bottom, and as the US scrap trend becomes clearer in the coming week, more wire rod price declines are possible in the near-term.


Similar articles

US domestic wire rod prices still soft

28 Mar | Longs and Billet

Wire rod consumption in Mexico increases 6.5 percent in January

28 Mar | Steel News

Import longs offers in Romania now attractive, local prices stable

28 Mar | Longs and Billet

UAE-based ESA cuts wire rod prices for April despite better demand

28 Mar | Longs and Billet

Asian wire rod market tumbles amid pessimism in China

28 Mar | Longs and Billet

Turkey seeks to raise rebar export offers, demand mostly seen locally

27 Mar | Longs and Billet

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

Saudi Arabia’s Hadeed keeps local longs prices stable again for April

26 Mar | Longs and Billet

Local Turkish official domestic wire rod prices follow diverse trends

26 Mar | Longs and Billet

Iskenderun-based Turkish mill issues its longs prices

26 Mar | Longs and Billet