Although some in the US wire rod market were concerned last week with the potential for Hurricane Florence to disrupt wire rod supply in the eastern US region, major mills have already resumed production. The brief, preventative halt in operations over the weekend has not affected orders or supply, but other factors are having an effect on US domestic wire rod spot prices.
Two consecutive months of US scrap price decreases and another forecasted softening next month has resulted in US wire rod buyers putting pressure on mills to lower prices. While sources say there is little chance of an official price decrease for the remainder of 2018, spot prices are vulnerable to erosion. As such, the general spot range for US domestic wire rod has declined by about $0.50 cwt. ($10/nt or $11/mt) in the last week, now at $39.00-$40.00 cwt. ($860-$882/mt or $780-$800/nt) ex-mill.