As predicted, US domestic wire rod spot prices have dropped again week-on-week, although sources report that mills are “eager” to keep prices from falling too far. Directly following the deep plunge in US scrap prices this month, wire rod prices dropped steeply as well but this week’s price decline is a more modest $0.50 cwt. ($11/mt or $10/nt).
This week, US domestic wire rod spot prices are ranging from $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) ex-mill, and sources tell SteelOrbis that wire rod prices are still vulnerable to dropping, although further decreases should be similarly small.