Although there was some optimism that US domestic shredded scrap prices wouldn’t decrease this month as much as originally anticipated, Midwest shredded prices fell within predictions when the market settled, declining $25 per ton. As such, hopes that US domestic wire rod mills would be able to gain traction on their higher price ideas have been dashed.
Last week, US wire rod mills announced they would roll over the $2.25 cwt. ($45/nt or $50/mt) price increase that was supposed to go into effect April 1. However, $0.75 cwt. ($15/nt or $18/mt) still remains of the US domestic wire rod price increase for March 1. Sources tell SteelOrbis that mills have abandoned the March increase in order to focus on the rolled-over April increase, but even then, the chances of any of the increase absorbing into the market are slim.