While US domestic long product mills announced official price decreases for merchant bar and beams this week, sources tell SteelOrbis that it is unlikely mills will make any formal moves with wire rod prices. Nevertheless, slow demand and reportedly intense competition between US mills has resulted in an abundance of deals and lower US domestic wire rod spot prices this week.
SteelOrbis predicted in last week’s report that once buyers returned to the market after spring holidays, wire rod prices would “certainly” soften. As such, US wire rod spot prices are now in the range of $36.00-$37.00 cwt. ($720-$740/nt or $794-$816/mt) ex-mill, reflecting a drop of $1.00 cwt. ($20/nt or $22/mt) in the last week.