With demand still chugging along at less-than-robust levels and expectations of another scrap price decline next month, US domestic wire rod mills have been unable to keep spot prices firm for another week. Although the decline is a modest $0.50 cwt. ($11/mt or $10/nt), sources tell SteelOrbis that buyers should expect further drops in the near-future.
As such, US domestic wire rod spot prices are now in the range of $44.50-$45.50 cwt. ($981-$1,003/mt or $890-$910/nt) ex-mill, compared to $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt) ex-mill last week.