Although US domestic wire rod spot prices saw a minor adjustment upward last week, sources tell SteelOrbis that the trend for wire rod is pointing downward again, with wire buyers in the US seeking out deals below the average spot price range.
Sources report US domestic wire rod mills are amenable to deals when they “really want an order,” even for smaller orders. The deals would be deeper, one source said, if predictions for US scrap prices next month hadn’t shifted to a possible sideways trend (from early predictions of a decrease), but either way, that “last desperate push” for higher prices reported last week has reportedly lost steam. US domestic wire rod prices are unchanged this week, at around $28.00-$29.50 cwt. ( $617-$650/mt or $560-$590/nt) ex-mill, but sources say the range could show signs of shifting downward in the coming weeks.