Wire rod prices in the United States have decreased due to slower market activity while import pricing remains firm due to a lack of fresh offers, market sources said.
Fastmarkets' assessment for industrial quality low-carbon rod was $38.25-40 per hundredweight ($765-800 per short ton) fob mill on Tuesday February 19, down from $39.25-41.25 per cwt previously. Prior to the latest drop, wire rod prices had been stable since May 23, when they rose from $38-40 per cwt.Meanwhile, imported wire rod held at $744-762 per ton cfr port of Houston in Fastmarkets' latest assessment. Downward pressure points too much to bearFerrous scrap prices and slackening demand have previously been cited in applying downward pressure on the wire rod market. While Chicago shredded scrap settled sideways for February, continuing weak demand, tariff-related uncertainty and general unease about the broader economy have emerged as points of concern, sources told Fastmarkets.Market participants are starting to worry about having high-priced inventory on hand if the Section 232 tariffs are lifted, or amended to some degree, since that means downward pressure on prices would resume from competitively priced imported material,...