Sources tell SteelOrbis that demand conditions in the US domestic wire rod market remain “quite poor,” and while spot prices have not moved in the last week, there is “no guarantee” they will stay level for much longer. The strong likelihood of higher scrap prices this month continues to have little effect on sentiment within the US wire rod market, with one source noting that even if US mills were to attempt a wire rod price increase in conjunction with scrap, there wouldn’t be a flurry of purchasing activity ahead of the increase primarily because few believe an increase would even be successful.
Still, there have been a few reported offers heard at slightly underneath the low end of the current spot price range, which could further weaken the wire rod price trend in the near term. For now, US domestic wire rod prices are unchanged in the last week at $28.50-$29.50 cwt. ($628-$650/mt or $570-$590/nt) ex-mill.