While the latest US domestic wire rod price increase had seen sporadic success last week, this week sources say the top end of the general spot range remains high while deals at the low end of the range are not as available. Demand is still relatively strong, sources say, and along with projections of another scrap price increase next month, sources think there’s a “decent chance” US wire rod mills push through the rest of the mid-October $2.00 cwt. ($44/mt or $40/nt) price increase.
For now, US wire rod spot prices are in the wider range of $53.00-$56.00 ($1,168-$1,235/mt or $1,060-$1,120/nt) ex-mill, up $1.00 cwt. ($22/mt or $20/nt) on the high end from last week.