Rumors of a possible price decrease in the US domestic wire rod market are still floating this week, but that possibility is reportedly not having much influence on purchasing activity. Demand is still lackluster, and sources tell SteelOrbis that even if there is a decrease announced, a surge in orders at lower prices is not expected.
For now, spot prices are stagnant in the range of $25.00-$26.00 cwt. ($500-$520/nt or $550-$572/mt) ex-mill, but one developing trend is clear, according to sources: deals available overall, both within the range for smaller customers and below the range for larger customers, are becoming widespread enough to possible move the proverbial needle downward in the coming weeks, regardless of whether mills “make it official.”