Due to weak demand in the US domestic wire rod market and slow purchase activity, US domestic wire rod prices have not moved this week, although sources are clear that spot prices have not yet hit bottom. Spot prices are still in the range of $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill, and will likely drop again by next week regardless of the US scrap trend, sources say.
While US domestic scrap prices were set to follow a sideways trend this month, the latest indications from the ongoing buy-cycle point to a possible slight downtrend. US wire rod prices are set to continue their downtrend whether or not scrap prices decline, sources say, but lower scrap prices will “pull the range down further and faster.”