Spot prices within the US domestic wire rod market have not changed in the last week, but with US scrap prices poised to settle far below initial expectations this month, sources tell SteelOrbis that wire rod prices could see softening on the horizon.
Sources say wire rod customers have decent inventory levels and mill availability is increasing, which is also expected to put some downward pressure on spot prices, along with increasing interest in imports. For now, prices are in the range of $65.00-$67.00 cwt. ($1,422-$1,477/mt or $1,300-$1,340/nt) ex-mill, but the range could shift downward by next week.