After US shredded scrap prices settled $30/mt lower this month, sources are already reporting lower spot prices in the US domestic wire rod market. This week, offers are being heard between $45.50-$46.50 cwt. ($1,003-$1,025/mt or $910-$930/nt) ex-mill, down $0.50 cwt. ($11/mt or $10/nt) in the last week.
Sources say prices will most likely continue to drop, as demand is much weaker than expected. However, buyers hesitant to book large tonnages due to the demand forecast are largely staying away from the import market, giving US mills at least one advantage in the current market.