Steady demand and tight supply continue to define the US domestic wire rod market, although an attempt at another price increase has not spread to the rest of the market so far. Last week, one major US domestic wire rod mill announced a $2.25 cwt. ($45/nt or $49/mt) price increase for June shipments. Other US wire rod mills have not followed suit, and sources tell SteelOrbis that if other mills don’t “get on board” by late May or early June, the lone price increase will be “dead in the water.”
The US domestic wire rod market has struggled to push through price increases in contrast with other long products such as rebar. An ample portion of their March price increases did not absorb into the market, and sources still contend that yet another price increase, especially with US domestic scrap prices declining slightly this month, is “highly unrealistic.”
As such, US domestic wire rod spot prices are stable this week in the range of $38.00-$39.50 cwt. ($760-$790/nt or $838-$871/mt) ex-mill.