After predictions for September US scrap prices shifted last week from a moderate upward trend to a likely downtrend, sources tell SteelOrbis that US domestic wire rod prices are “quite vulnerable” and few if any transactions are taking place at the high end of last week’s range.
US domestic wire rod spot prices are mostly in the range of $31.00-$32.00 cwt. ($683-$705/mt or $620-$640/nt) ex-mill, but sources predict that by next week, deals at $30.50 cwt. ($672/mt or $610/nt) ex-mill will become widespread enough to shift the range downward. Sources further predict that US wire rod prices will dip below the threshold of $30.00 cwt. ($661/mt or $600/nt) ex-mill, “probably before the end of Q3, but mid-Q4 at the latest.”