Some sources predicted last week that US wire rod mills might try to raise prices next month if scrap goes up again, but opinions were mixed on how successful such an attempt would be. However, it appears wire rod prices are set to continue trending neutral after Liberty Steel announced a $1.50 cwt. ($33/mt or $30/nt) price increase earlier this week and no other mills have followed.
Still, while few in the US domestic wire rod market would describe current activity as decent, tepid demand as buyers continue working through inventories hasn’t been enough to move prices downward. This week, US domestic wire rod spot prices are unchanged again week-on-week, at $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt) ex-mill.