Demand for US domestic wire rod is still tepid, but sources tell SteelOrbis that it “could be worse” and it’s “very possible” prices are close to hitting bottom, if they haven’t already. End-use sectors are slowly recovering despite surging Covid-19 cases in the US, and sources report that many “super-low” deals for wire rod at the mill level are no longer available. Some sources speculate that mills might issue a formal price increase to put a floor on prices, although there is little chance wire rod prices would actually increase in that scenario, much like what happened when US wire rod mills tried to raise prices in May.
For now, US domestic wire rod spot prices are level at $26.00-$27.50 cwt. ($573-$606/mt or $520-$550/nt) ex-mill.