Sources say they aren’t surprised that US domestic wire rod spot prices keep falling, especially after scrap prices in the US dropped again this month. Domestic wire rod mills continue to be “super aggressive” in competing with each other, because while wire rod import offers are now being heard below the $40.00 cwt. ($882/mt or $800/nt) level, lead times are too long and many buyers expect US prices to keep dropping.
This week, US domestic wire rod spot prices are at $43.00-$44.00 cwt. ($948-$970/mt or $860-$880/nt) ex-mill, compared to $44.00-$45.00 cwt. ($970-$992/mt or $880-$900/nt) ex-mill last week. Sources say further downticks are inevitable.