Despite predictions that US shredded scrap could decline again this month, strong demand within the US domestic wire rod market is expected to keep spot prices level. Though US wire rod mills tried to lift prices with a $1.50 cwt. ($33/mt or $30/nt) increase announcement last month, sources tell SteelOrbis that the increase has been largely ignored.
As such, US domestic wire rod prices are forecast to remain stable in the near-term, with spot prices unchanged week-on-week in the range of $51.00-$52.00 cwt. ($1,124-$1,146/mt or $1,020-$1,040/nt) ex-mill.