Despite the latest predictions pointing to a slight downtrend in US domestic scrap prices next month, sources say lower scrap prices will have “little impact” on US domestic wire rod prices. Demand for wire rod in the US is still strong and supply is still tight, and while some larger customers might be able to score some deals, the general spot price range is not expected to move.
Currently, US domestic wire rod spot prices are still ranging from $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill. Sources tell SteelOrbis that the range should sustain “for a while” if market factors stay consistent.