Prior to the Fourth of July holiday in the US last week, sources within the US domestic wire rod market said prices had reached, or were nearing bottom. Despite US domestic scrap prices dropped by around $10/mt this month, US wire rod prices are stable this week in the range of $32.00-$33.00 cwt. ($640-$660/nt or $705-$728/mt) ex-mill, indicating predictions of a price bottom are likely accurate. However, other sources caution that it’s “too soon to tell” after the holiday week, and “no one should get excited quite yet.”
Sources who think the price bottom for US domestic wire rod has been reached say prices should follow a sideways trend before gradually rising, although few offered predictions of a timeline. Summer is typically a slow season for wire rod demand in the US overall, so price trends over the next four to six weeks might not be indicative of the fall trend, sources say.