After moving sideways this month, US domestic scrap prices are forecast to rise slightly in December, although sources are skeptical of the effect higher scrap prices would have on the US domestic wire rod market.
Throughout the last week, sources have reported further flexibility with wire rod spot prices, as mills are increasingly willing to cut moderate deals to boost order levels with seasonal demand lags around the corner. While some sources say this trend will continue, others note that US wire rod mills are known to “raise prices whenever they have an excuse,” leaving open the possibility of a slight price increase or at least firming within the current spot range.
For now, US domestic wire rod spot prices are unchanged from last week, still ranging from $31.00-$31.50 cwt. ($620-$630/nt or $683-$694/mt) ex-mill.