The US domestic wire rod market continues to trend mostly stable, as a “standstill” continues between US mills and wire buyers. With US scrap prices trending up this month, mills are reportedly generally unwilling to make deals, while buyers refuse to pay prices they believe are still too high. Sources tell SteelOrbis that buyers are still working through inventories, and when it comes time to stock up, “that’s when we’ll really know where prices are going to be.”
Some sources predict that mills will push for higher prices in that scenario, while others still contend that prices are historically high and still need to settle downward. For now, US domestic wire rod spot prices are unchanged week-on-week in the range of $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt) ex-mill.