US domestic wire rod spot prices have softened on the lower end of the general range in the last week, as slow seasonal demand and sideways US scrap prices this month have given buyers more leverage. US domestic wire rod spot prices are now in the range of $38.50-$39.50 cwt. ($770-$790/nt or $849-$871/mt) ex-mill, reflecting a decrease of $0.50 cwt. ($10/nt or $11/mt) in the last week.
As for the $1.50 cwt. ($30/nt or $33/mt) price increase announced in November, sources say that not only is there still no chance of it going through, but its failure serves as a strong indication that US wire rod mills shouldn’t attempt another increase anytime soon, even as an attempt to firm up falling spot prices.