The US domestic wire rod market has trended lackluster again in the last week, with tepid demand and slow buying activity. As a result, spot prices have softened by another $0.50 cwt. ($11/mt or $10/nt), bringing the average range to $50.00-$51.00 cwt. ($1,102-$1,124/mt or $1,000-$1,020/nt) ex-mill. Prices are expected to continue softening in the near-term, especially if US scrap prices settle down again next month as predicted.
However, sources note import offers are not having much impact on the current US domestic wire rod market. Although import offers have been heard as much as $10.00 cwt. ($220/mt or $200/nt) below domestic offers, much of that material won’t arrive until early in Q1 2023, making such purchases less attractive.