Considering relatively lackluster demand in the US domestic wire rod market, sources tell SteelOrbis that buyers are unlikely to accept an official mill price increase the way rebar buyers accepted a $1.00 cwt. ($20/nt or $22/mt) price increase last week. “Mills are trying to keep customers happy,” one source said, indicating mills might be reluctant to issue an increase.
Sources have reported few if any outlier deals beneath the general US domestic wire rod spot price range of $37.50-$38.50 cwt. ($750-$760/nt or $827-$838/mt) ex-mill, which is unchanged in the last week, but sources say prices could start drifting downward if demand doesn’t show noticeable improvement.