Slow demand and continued negative sentiment have caused wire rod prices in the United States to edge lower while the cost of imported material remains steady, Fastmarkets AMM has learned.
Fastmarkets' assessment for industrial quality (IQ) low-carbon wire rod widened downward to $38-40 per hundredweight ($760-800 per short ton) fob mill on Tuesday March 19, down from $38.25-40 per cwt previously. At the same time, imported wire rod stood at $744-762 per ton cfr Port of Houston.Downward pressure remains"Market sentiment [is] still pretty negative currently," a trader source said. Mill capacity, high inventories and a slowing economy are all dampening market sentiment, according to a wire rod buyer. Moreover, industrial quality low-carbon wire rod prices did not see an upside from a rebound in this month's ferrous scrap market. Indeed, Chicago shredded scrap settled at $345 per gross ton at the conclusion of March's trade, a month-over-month increase of $20. There had been rumors of a price increase from domestic mills in previous weeks, the buyer said, but such talk...