Prices and demand in the US domestic wire rod were already softening in the last week, a trend expected to continue as buyers wait for clarity regarding certain market developments. Yesterday, Donald Trump and European Commission President Jean-Claude Juncker agreed to reassess steel tariffs during ongoing negotiations, which could lead to the elimination of the current 25 percent tariff on wire rod imports from Germany and Greece.
As such, US buyers are waiting to see if import offers will soon be more competitive compared to US domestic spot offerings. For now, sources say US domestic wire rod spot prices are starting to widely reflect deals reported last week, dragging the general range down by $0.50 cwt. ($10/nt or $11/mt) on the low end and $1.00 cwt. ($20/nt or $22/mt) on the high end. Spot prices are now ranging from $39.50-$40.50 cwt. ($790-$830/nt or $871-$915/mt) ex-mill.