US domestic wire rod prices softening

Thursday, 12 September 2019 00:43:38 (GMT+3)   |   San Diego

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.

Most Recent Related Articles

US ITC votes to maintain AD/CVD orders on Chinese wire rod

US wire rod exports up 26.9 percent in March

US import wire rod prices remain flexible

US wire rod market skeptical of mill price increase

US import wire rod market sees slightly lower prices