The steeper-than-expected drop in US domestic scrap prices this month has put additional pressure on US domestic wire rod spot prices, although sources continue to report lackluster demand. Due to such low purchasing activity, spot prices have not declined significantly in the last week, but sources say buyers who are serious about orders can negotiate prices around $30.50-$31.50 cwt. ($672-$694/mt or $610-$630/nt) ex-mill, reflecting a decrease of $0.50 cwt. ($11/mt or $10/nt) in the last week.
As for a near-term forecast for US domestic wire rod, sources say spot prices will remain vulnerable in the absence of certain market factors like increasing demand, an uptrend in US scrap prices, or lower availability of imports.