Wire rod prices appeared to be trending downward in tandem with scrap tags on Monday, with market sources left to question how low they might ultimately go as a weaker domestic market and global economic uncertainty persist. At least one wire rod mill officially announced a price decrease on Friday. Nucor Steel Connecticut Inc., a subsidiary of Charlotte, N.C.-based steelmaker Nucor Corp., said it would reduce transaction prices on wire rod by 30 dollars per ton (1.50 dollars per hundredweight) effective with shipments July 1, according to a letter to customers dated Friday.
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