US domestic wire rod spot prices are unchanged week-on-week, although sources attribute the quiet market to the upcoming Labor Day holiday, and many think prices have more room to soften. Ever-decreasing import offers are expected to put pressure on US wire rod prices once buyers return to the market next week—while imports were heard “well below” the $50.00 cwt. ($1,102/mt or $1,000/nt) level last week, this week sources are saying prices have reached the low $40.00’s cwt. although no firm bids have been confirmed.
The latest predictions of a possible downtrend in US scrap prices this month should also add vulnerability to US wire rod prices, which are unchanged this week in the range of $52.00-$53.00 cwt. ($1,146-$1,169/mt or $1,040-$1,060/nt) ex-mill.