By the week ending July 12^th, the USA Steel Wire Rod market experienced a price decrease, influenced by moderate supply levels and broader economic uncertainties. The ongoing acquisition discussions between Nippon Steel and the United Steelworkers union have not progressed significantly, contributing to market uncertainty. Moreover, in Germany the Steel Wire Rod market-maintained stability with consistent production levels and no significant supply chain disruptions, resulting in stable prices. Demand in Germany remained steady, with no substantial shifts from key sectors such as automotive and construction. Meanwhile, in China, Steel Wire Rod prices decreased, impacted by customs inspections that disrupted shipments and reports of low-priced non-VAT offers. The weak construction sector continues to hinder demand.

Week ending on July 12^th, the USA Steel Wire Rod market saw a price decrease of 0.4%. Additionally, supply levels in the USA Steel Wire Rod market are moderate but are influenced by broader economic and industry-specific factors. The ongoing acquisition discussions between Nippon Steel and the United Steelworkers union have not progressed significantly, adding to market uncertainty. Economic indicators, such as manufacturers' new orders for iron and steel products, declined in May, reflecting a cautious approach by manufacturers amid economic uncertainties. Furthermore, the Producer Price Index (PPI) for various steel commodities, including steel pipe, tube, and stainless steel, has dropped, signalling a broader trend of weakening prices in the Steel Wire Rod sector. Moreover, the automotive sector, a critical driver of steel consumption, has shown mixed performance. New vehicle sales declined in June, contributing to reduced demand for Steel Wire Rods. However, total vehicle sales for the first half of 2024 show some signs of recovery, suggesting that the automotive sector's impact on steel demand is complex. Major US steel mills, including Cleveland-Cliffs, Steel Dynamics, and Nucor, have adjusted their growth expectations for 2024. These companies anticipate slight improvements in Q2 due to stronger end-user demand and seasonal buying patterns, which may help stabilize the market in the short term.

With the week ending on July 12^th, the supply side of the Germany Steel Wire Rod market has maintained a steady state, with no significant changes that could alter the market dynamics. The production levels have remained consistent, and major suppliers have not reported any major disruptions in their supply chains. This consistency has contributed to the stability in prices, as the supply side has not introduced new factors that could exert upward or downward pressure on prices. Demand for Steel Wire Rod in Germany has also remained stable, with no substantial shifts that could significantly impact pricing. The downstream industries have shown steady consumption patterns, and there have been no drastic changes in the demand from key sectors such as automotive and construction. The lack of new economic indicators or market trends that could influence demand of Steel Wire Rod has contributed stability in prices.

With the week ending on July 12^th, the prices of Steel Wire Rod in China decrease by 1.8%. The supply side of China's Steel Wire Rod market has been significantly impacted by recent customs inspections. These inspections have disrupted shipments, leading to a decrease in export prices. Additionally, reports of low-priced non-VAT offers have surfaced, further affecting the market. The disruption in the supply chain has created uncertainty and added pressure on prices of Steel Wire Rod, contributing to the overall decline observed during the period. Demand for Steel Wire Rod in China continues to recover at a slow pace, hindered by a weak construction sector. Latest data shows a double-digit percentage decline in construction activity over the first five months of the year. This slowdown has had a ripple effect on steel demand, with poor performance in the construction sector dragging down overall market sentiment. Despite the weak demand, there is some optimism among market participants that any further price drops will be limited, as much of the negative outlook has already been priced.

According to ChemAnalyst, pricing trends in different regions may change. In the United States, prices could be affected by seasonal increases in demand, especially in industries like automotive. On the other hand, Germany might experience a rise in Steel Wire Rod prices due to higher production costs such as transportation expenses and raw material costs. In contrast, China is expected to experience a rise in demand from the construction sector, resulting in increased purchases and prices. These diverse market dynamics emphasize the various factors influencing global Steel Wire Rod pricing trends, highlighting the importance of closely monitoring regional developments for informed decision-making.