While demand is still reportedly dragging within the US domestic wire rod market, spot prices have stabilized after the Fourth of July holiday. After US shredded scrap prices trended mostly sideways this month (with a few small regional downticks), mills are already showing firmness with prices, and sources say the recent trend of minor downticks week after week might halt for now.
Sources are still concerned about the long-term impact of slow demand, but for now, many say there is a sense of relief that scrap prices won’t be dragging down finished steel prices this month. This week, US domestic wire rod spot prices are unchanged since our last report at $40.00-$41.00 cwt. ($882-$904/mt or $800-$820/nt) ex-mill.