Although US domestic wire rod mills have not yet announced new pricing policies following the indefinite delay of Section 232 results, higher scrap prices, and uptrending import offers, sources tell SteelOrbis that dealmaking is “severely restricted” and most customers are paying close to the higher end of the current $29.50-$30.50 cwt. ($590-$610/nt or $650-$672/mt) ex-mill spot price range, which is unchanged in the last week.
Sources say this is a signal that a price increase announcement is imminent, but considering how much resistance mills received to their last attempt at a price increase—$1.00 cwt. ($20/nt or $22/mt) in mid-June—other sources say mills are hesitant to announce anything until they are sure the US domestic wire rod market will be receptive to higher prices.