Although US domestic wire rod mills attempted last week to shore up previous price increases with a new, $2.50 cwt. ($50/nt or $55/mt) price hike, it has not been immediately absorbed into the market. This week, only the $0.25 cwt. ($5/nt or $5.50/mt) remainder of February’s price increases made its way into US domestic wire rod spot prices, moving the range up to $36.50-$37.00 cwt. ($730-$740/nt or $805-$816/mt) ex-mill. Sources tell SteelOrbis, however, that some large-volume buyers might be able to still book for as low as $35.00 cwt. ($700/nt or $772/mt) ex-mill.
Downstream wire rod buyers are reportedly glad that the latest wire rod price increase is slow to gain traction, as they have had difficulties for months passing higher prices onto their own customers. But with imports out of the market temporarily as countries scramble to secure exemptions from the Section 232 tariffs, and US domestic scrap prices expected to rise again in April, US wire rod mills have all the leverage, and sources say prices will continue to tick upward regardless of downstream difficulties.