After Nucor announced a $2.00 cwt. ($44/mt or $40/nt) price decrease for wire rod earlier this week, some sources said that once again, the move was more of a “cover” for recent price downticks rather than an attempt to pull down market prices. But other sources say US domestic wire rod mills are currently hungry for orders and not content to wait until demand starts to pick up.
Either way, spot prices are down about $1.00 cwt. ($22/mt or $20/nt) since the announcement, with the rest of the amount expected to show in spot prices by next week. US domestic wire rod spot prices are now at $52.00-$53.00 cwt. ($1,146-$1,169/mt or $1,040-$1,060/nt) ex-mill.