Sources describe the demand environment for US domestic wire rod as “disappointing,” leading mills to offer deals “left and right.” However, even attractive pricing hasn’t been able to increase buying activity, as wire drawers aren’t in inventory-filling mode. Many buyers expect prices to come down further, sources say, as spot prices are already a bit lower than last week.
US domestic wire rod spot prices are now in the range of $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt) ex-mill, down $0.50 cwt. ($22/mt or $20/nt) week-on-week, with expectations for further softening. Considering predictions of another US scrap price decrease in June, sources say wire buyers are “probably justified” to wait a little longer.