In conjunction with falling steel prices throughout the US domestic market, US domestic wire rod spot prices have dropped again in the last week. Offers now range from $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill, reflecting a decrease of $0.50 cwt. ($10/nt or $11/mt) in the last week. Sources tell SteelOrbis that wire rod spot prices have not likely hit bottom yet, with further moderate downticks on the horizon.
Demand for wire rod in the US is not expected to improve much as the market moves into the seasonal summer slow period, and expectations for June scrap prices point to a sideways trend. As such, in the absence of major market developments involving raw materials, trade, or demand (such as the introduction of an infrastructure bill in Congress) sources foresee a muted to downward trend for US wire rod in late Q2/early Q3.