After US domestic scrap prices settled at much lower levels than expected last week, US domestic wire rod prices are already lower, sources say. US wire rod spot prices were already vulnerable due to tepid demand, and with a $60/gt drop in Midwest shredded scrap prices for June, sources say mills have “zero leverage” to keep prices from dropping too.
This week, US domestic wire rod spot prices are trending at $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill, down $2.00 cwt. ($44/mt or $40/nt) from last week. Sources tell SteelOrbis that more downticks are “inevitable.”