Two weeks after US wire rod mills announced a $2.00 cwt. ($44/mt or $40/nt) price increase, sources tell SteelOrbis that “basically no one” is paying higher prices, and in fact, they continue to hear of outlier deals below the average spot price range.
Most US domestic wire rod offers are still in the range of $28.50-$30.00 cwt. ($628-$661/mt or $570-$600/nt) ex-mill, with some deals heard anywhere from $28.00-$30.00 cwt. ($617-$661/mt or $560-$600/nt) on a delivered basis.
With both demand and supply in the US domestic wire rod market still balancing at low levels, sources say they don’t think such outlier deals will become prevalent, unless “something major happens,” including a severe second wave of the Covid-19 pandemic.