Expectations within the US domestic scrap market have settled into a likely sideways trend for shredded scrap, which will provide more leverage to US domestic wire rod buyers looking to further erode the current spot price range. However, other sources point to a recent lull in buying as an indication that prices have already hit bottom, and could eventually tick upward by the end of the month. "Buyers will have to buy soon," one source said, referencing quiet purchasing activity since the holidays. When those buyers return to the market, he said, mills will "no doubt" take advantage of the surge in orders by firming up spot prices.
In the last week, US domestic wire rod prices have remained relatively stable, as lackluster demand still defines the market. For now, US domestic wire rod prices remain in the range of $36.00-$38.00 cwt. ($720-$760/nt or $794-$838/mt) ex-mill.