Still defined by slow demand and high inventory levels, the US domestic wire rod market is expected to continue its soft trend, especially in light of predictions that US domestic scrap prices will once again drop in May. Already, sources say few, if any transactions are taking place at the high end of the current spot range, which is $37.00-$38.00 cwt. ($740-$760/nt or $816-$838/mt) ex-mill.
While overall activity is slower this week due to the upcoming Easter holiday and spring break vacations, sources say that once activity resumes, there will likely be much more dealmaking in the US domestic wire rod market.