US domestic wire rod mills have reportedly given up on trying to push any of the $1.50 cwt. ($30/nt or $33/mt) price increase announced last month into the market, sources tell SteelOrbis, and with US domestic scrap prices for December starting to trend sideways-to-down, buyers are in a “good position” to request discounts.
As such, spot market prices for US domestic wire rod have softened by $0.50 cwt. ($11/mt or $10/nt) on the high end, narrowing the average range to $39.00-$39.50 cwt. ($860-$871/mt or $780-$790/nt) ex-mill. Other factors bolstering buyers’ leverage include higher wire rod import arrivals in November, along with lackluster seasonal demand. With buying activity relatively muted, sources do not expect US domestic wire rod prices to dip much further for the remainder of the year.