US domestic wire rod logs 6 months of price declines; import rod price steady

US wire rod prices have trended downward for six straight months to hit a 16-month low, driven primarily by weak demand and high inventory levels, Fastmarkets has learned.

Fastmarkets’ assessment for steel wire rod (low carbon) industrial quality, fob mill US, fell to $32.50-33.50 per hundredweight ($650-670 per short ton) on Tuesday July 16, down by 4.3% from $34-35 per cwt in June and down 18% from $39.25-41.25 per cwt one year ago. The current assessment marks the price’s lowest level since early March 2018. Fastmarkets’ assessment for steel wire rod (low carbon) import, ddp Houston, held firm at $645-680 per ton, unchanged since May 21, due to quiet import activity. Availability of wire rod was not a concern, sources agreed. Current lead times ranged from three to four weeks. Market outlook Sources told Fastmarkets that while sentiment remains largely negative, a price floor might be near. According to one trader, wire rod market activity has been depressed...

Published

Patrick Fitzgerald

July 17, 2019

21:38 GMT

New York