Despite reports that US domestic wire rod mills are trying to keep prices from dropping too much further, the general spot price range continues to tick downward as the end of the year approaches. Seasonally tepid demand isn’t helping mill efforts, and even speculation of a sideways or possibly uptrend in US scrap prices this month hasn’t moved the needle on sentiment.
Another problem, multiple sources point out, is the “rampant shorting” in offer prices within the market—offers that are “way too low to be believed” keep cropping up, making it hard to get a “good feel for real prices.”
Nevertheless, spot prices are still lower this week compared to pre-Thanksgiving holiday levels. US domestic wire rod spot prices are now approximately $43.50-$44.50 cwt. ($959-$981/mt or $870-$890/nt) ex-mill, compared to the last-reported range of $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt) ex-mill.