US wire rod prices continue to drop

Thursday, 16 May 2019 01:02:28 (GMT+3)   |   San Diego
       

As expected, US domestic wire rod spot prices are continue to trend downward on lower scrap prices. This week, spot prices have declined by approximately $1.00 cwt. ($20/nt or $22/mt), putting US domestic spot prices in the range of $34.00-$35.00 cwt. ($680-$700/nt or $750-$772/mt) ex-mill. Sources say spot prices are likely to drop further, bringing them closer to pre-Section 232 prices.

Sources are also questioning the factors behind the current soft demand in the US domestic wire rod market. Buyers reportedly overbought in the last quarter of 2018, but sources say they should have worked through that inventory by now. Unusually wet spring conditions in many areas of the US have also had an impact, sources say, but one source noted, “with the US economy doing so well, we shouldn’t be hurting for orders. And yet we are.”


Most Recent Related Articles

US wire rod market firmer, despite lack of increase traction

US ITC votes to maintain AD/CVD orders on Chinese wire rod

US wire rod exports up 26.9 percent in March

US import wire rod prices remain flexible

US wire rod market skeptical of mill price increase