US domestic wire rod spot prices continue to dwindle downward after scrap dropped earlier this month, but sources say the “bleeding might stop” if shredded scrap prices trend sideways as currently predicted. Without the backing of strong demand or import competition, domestic wire rod mills are reportedly continuing to compete with mostly themselves and trying to fill order books by discounting prices.
This week, US domestic wire rod spot prices are down about $0.50 cwt. ($11/mt or $10/nt), and sources say further small downticks are likely. Spots are now around $39.00-$40.00 cwt. ($860-$882/mt or $780-$800/nt) ex-mill.