Although spot offers for US domestic wire rod lifted slightly following the $1.50 cwt. ($33/mt or $30/nt) mill price increase announced two weeks ago, sentiment has shifted somewhat and prices have returned to pre-announcement levels. Sources tell SteelOrbis the market has stagnated slightly, and with the possibility that US scrap prices could go down or at best sideways next month, buyers don’t have much appetite for higher wire rod prices.
As such, US domestic wire rod spot prices are back in the range of $51.00-$52.00 cwt. ($1,124-$1,146/mt or $1,020-$1,040/nt) ex-mill, although sources contend it will take “a while” for prices to dip below the $50.00 cwt. ($1,102/mt or $1,000/nt) ex-mill level.