Although US domestic wire rod mills are reportedly eager to push up spot prices, buyers in the market are reluctant to pay higher prices, especially as sources report that mills aren’t substantially busy. However, as inventory reduction continues to come to an end, sources tell SteelOrbis that prices will rise eventually, even if mills have to keep announcing price increases.
This week, US domestic wire rod spot prices are mostly unchanged in the range of $43.50-$44.50 cwt. ($959-$981/mt or $870-$890/nt) ex-mill, indicating there is still some of the $1.50 cwt. ($33/mt or $30/nt) mill price increase from mid-February to be absorbed into the market.