US domestic wire rod mills are trying to maintain some control on the strong price downtrend, sources tell SteelOrbis, but that hasn’t stopped the general spot range from eroding. Last week, prices were reported at $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill.
This week, the top end of the range has dropped by $0.50 cwt. ($10/nt or $11/mt), while the low end of the range has remained static, narrowing the range to $33.00-$33.50 cwt. ($660-$670/nt or $728-$739/mt) ex-mill.
Sources tell SteelOrbis that prices are expected to continue dropping, although the downtrend might settle during seasonally slow demand this summer.