US domestic wire rod trend remains weak

Thursday, 17 January 2019 01:25:40 (GMT+3)   |   San Diego

Weeks after US domestic shredded scrap prices settled $30/ton lower this month, sources say the chances are getting slimmer that US domestic wire rod mills will announce an official price decrease. In place of a formal pricing policy, mills are reportedly striking deals on a case-by-case basis, although price erosion is taking place more on the top end of the range than the low end. As such, US domestic wire rod spot prices have narrowed into a range of $38.50-$39.00 cwt. ($770-$780/nt or $849-$860/mt) ex-mill.

With the price trend getting weaker, sources expect further erosion in the spot price range in the coming weeks, although actual buying activity is expected to remain relatively stable due to ongoing uncertainty in the import market, along with expectations of negative economic effects due to the ongoing US government shutdown.

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