Sources tell SteelOrbis that demand within the US domestic wire rod market is decent, but not particularly strong, as inventory levels remain high. The only thing reportedly keeping wire rod prices from plunging is US mill awareness that imports are currently not the most ideal prospect for US buyers, who are waiting for market prices to hit bottom and are not willing to wait long lead times for imported material.
Although US domestic wire rod prices dropped slightly in our last report a week ago, spot prices have not moved this week. Sources have noted that this doesn’t necessarily mean prices have hit bottom, and as the overall market trend is still pointing downward, more price downticks are likely on the horizon. As such, US domestic wire rod spot prices are level at $33.00-$33.50 cwt. ($660-$670/nt or $728-$739/mt) ex-mill.