Sources within the US wire rod market report that new orders are still “coming in slow,” while wire drawers are somewhat busy with old orders that weren’t cancelled. As such, the US domestic wire rod market has not experienced a strong downtick in pricing compared to other steel products during the coronavirus outbreak. However, sources report that spot prices have dropped slightly in the last week after scrap prices settled at down $40-$50/mt, depending on the region.
US domestic wire rod prices are now at $29.00-$30.00 cwt. ($639-$661/mt or $580-$600/nt) ex-mill, reflecting a $1.00 cwt. ($22/mt or $20/nt) drop in the last week. Sources say further downticks are “likely” in the near-term, and for high-volume buyers, offer prices are already closer to $28.00 cwt. ($617/mt or $560/nt) ex-mill.
As for imports, sources tell SteelOrbis that US wire buyers are largely sticking to the domestic market, as uncertainty is at “an all-time high.” No new offers for US import wire rod have been heard in the last week, with the last-heard offers from Germany ranging at $29.50-$30.50 cwt. ($650-$672/mt or $590-$610/nt) DDP loaded truck in US Gulf ports.