Although the general spot price range for US domestic wire rod has remained unchanged from last week, sources say some large customers are getting special pricing and prices for everyone are “very likely” to start dropping soon.
Already, few transactions are taking place at the upper end of the current $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt) ex-mill price range, and predictions of a scrap price drop next month will give buyers even more leverage to push for lower quotations. However, sources also report that demand is starting to pick up as buyers with previously full inventories are returning to the market, so the impact of lower scrap prices on US wire rod prices might not be too severe.