Decreasing ferrous scrap prices and overall weak demand have eroded wire rod spot prices in the United States, Fastmarkets has learned.
Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US fell to $29-29.50per hundredweight ($580-590 per short ton) on Tuesday July 21, down by 4.1% from $30-31 per cwt last month, when sources indicated the domestic wire rod market was facing imminent downward pressure. The current price also is off by 11.4% from $32.50-33.50 per cwt one year ago.Fastmarkets' monthly assessment for steel wire rod (low carbon) import, loaded...