Another month of likely lower scrap prices in the US is putting pressure on US domestic wire rod prices, but sources say plunging import offers are also giving wire buyers significant leverage with US mills. With import offers now varying within the mid-to-high $40’s cwt., buyers are starting to book offshore orders, but cautiously as they expect prices to keep declining.
The same caution is seen in the US domestic wire rod market, where prices are not assumed to be near the bottom. This week, US wire rod spot prices are down by another $1.00 cwt. ($22/mt or $20/nt), bringing the range to $53.50-$54.50 cwt. ($1,179-$1,201/mt or $1,070-$1,090/nt) ex-mill.