The US wire rod market continues to trend weak on demand, and although slight price corrections are expected in the near term, US wire rod spot prices have not changed week-on-week. Sources say the steadiness in prices has more to do with spring holidays and vacations than market factors, and with expectations of another drop in US domestic scrap prices next month, sources say wire rod prices will “certainly” soften.
For now, US domestic wire rod spot prices are still trending at $37.00-$38.00 cwt. ($740-$760/nt or $816-$838/mt) ex-mill, although sources say few if any transactions are taking place at the upper end of the range.