Amid reports that demand within the US domestic wire rod market is strengthening, sentiment has shifted from an expected neutral trend to a probably uptrend in the near-term. In addition to stronger demand, US domestic scrap prices are poised to rise in March, supporting a push for higher wire rod prices.
For now, US domestic wire rod prices are mostly unchanged in the range of $38.50-$39.50 cwt. ($849-$871/mt or $770-$790/nt) ex-mill. However, sources note that offers on the low end of the range are already becoming less and less available, indicating mills are preparing to firm prices. Once scrap settles next month, sources say US wire rod prices will be “at or likely over” $40.00 cwt. ($882/mt or $800/nt) ex-mill.