US wire rod prices remain static

Thursday, 18 July 2019 00:50:25 (GMT+3)   |   San Diego

US domestic wire rod spot prices have not dropped in the last week, indicating the long-term downtrend has finally reached bottom. However, sources tell SteelOrbis that wire rod prices are unlikely to rise in the short-term, although next month’s scrap trend could give wire rod prices a boost.

Early predictions for US domestic scrap prices in April point to a possible moderate uptrend. Combined with an uptick in US wire rod purchasing activity now that prices have hit bottom, plus lower interest in imports due to long lead times, sources say the scrap trend could “eventually” support firmer prices in the wire rod market. For now, US domestic wire rod spot prices are level week-on-week in the range of $32.00-$33.00 cwt. ($640-$660/nt or $705-$728/mt) ex-mill.

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