Industrial quality low-carbon wire rod prices in the United States have hit a 19-month low to stand at pre-Section 232 levels, with the cost of imported wire rod also down amid fresh offers for material originating from Mexico, Europe and Asia.
Fastmarkets' assessment for steel wire rod (low carbon) industrial quality, fob mill US, fell to $31.50-32.50 per hundredweight ($630-650 per short ton) on Tuesday August 20, marking the seventh consecutive monthly decline and the lowest level since reaching $30-32 per cwt on January 10, 2018. The latest price is also down by 3% from $32.50-33.50 per cwt in July and off by 20.5% from $39.25-41.25 per cwt one year ago. At the same time, Fastmarkets' assessment for steel wire rod (low carbon) import, ddp Houston, dropped to $620-660 per ton ($31-33 per cwt) on Tuesday from $645-680 per ton previously after fresh foreign offers were reported by sources.Lead times for industrial-quality wire rod range from two to four weeks, source said, and availability remains of no concern to US buyers. US downtrend continuesWeak demand, high mill capacity,...