Amid still-depressed demand for US domestic wire rod and lower scrap prices this month, sources tell SteelOrbis that the top end of last week’s price range is starting to erode. An official mill price decrease is “very unlikely” as mills reportedly want to maintain the appearance of stability, but source say that the highest prices they hear in the market are now beneath the $27.50 cwt. ($606/mt or $550/nt) ex-mill level, compared to $28.50 cwt. ($628/mt or $570/nt) ex-mill last week.
On the low end, sources say “special deals” at around $26.00 cwt. ($573/mt or $520/nt) ex-mill are now more widely available. Prices will remain vulnerable if US scrap prices trend downward again next month, although current predictions for shredded scrap in August are currently hovering around a sideways trend.