US domestic steel wire prices have stabilized at price levels not seen since the mid 1990th. No wire or wire rod is presently imported at these prices. There is no established floor price in the market as rod inventories are being cleared and most users are shutting down their plants until well after New Year. In the case of automotive related wire many parts suppliers are shut down all of January. As earlier reported some mills are stuck with wire rod inventory that are being converted and the wire sold below rod replacement cost. No one can be sure that prices have dropped to the bottom but one thing is clear once current rod inventory is converted and shipped, wire rod prices will have to drop or wire prices go up before anybody is going to make any more steel wire. The market drop-off came very sudden in October and it will take a couple of month for the market to adjust.
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