Although some in the US domestic wire rod market are hoping a predicted scrap uptrend next month will translate to higher wire rod prices, lackluster demand remains a major headwind that could keep the US wire rod market stagnant for the rest of the summer, sources say.
Import wire rod offers have started to slip slightly despite remaining stable for weeks, adding another obstacle to a potential US wire rod uptrend. However, US domestic wire rod spot prices have not changed in the last week, remaining in the range of $32.00-$33.00 cwt. ($640-$660/nt or $705-$728/mt) ex-mill. Outlook perspectives point to a continued stability in the next week.