US domestic wire rod mills have managed to keep prices steady as the market expects a downtrend ahead, but sources tell SteelOrbis “things will change” once US scrap prices little lower this month as predicted. Already, few quotes had been heard at the top end of the general spot price range for wire rod, with sources also hearing reports of deals below the low end of the range.
For now, the US domestic wire rod spot price range is more or less steady at $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt) ex-mill, and even though buying activity is still steady, it’s believed lower prices could be seen by next week.