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 outlookSources 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...