Although new orders for US domestic wire rod have slowed, sources tell SteelOrbis that many mills are still busy filling orders that were made prior to the coronavirus crisis, and so far, few have reported widespread order cancellations. However, spot prices for wire rod are set to decline in the near term, as soon as US domestic scrap prices settle for the month.
Current expectations for US domestic scrap prices point to a possible $50-$70/ton decrease, which sources say will drag down wire rod prices “no matter what’s going on with demand.” The average spot market price for US domestic wire rod is relatively unchanged week-on-week, at $30.00-$31.00 cwt. ($600-$620/nt or $661-$683/mt) ex-mill, although sources report a growing prevalence of deals below the $30.00 cwt. level.