The general consensus on the US domestic wire rod price increase has not changed since last week—the $1.25 cwt. ($25/nt or $28/mt) price increase announced in late November has not yet absorbed into spot prices, despite “increasing aggressiveness” from US wire rod mills. Demand for wire rod is low overall, and especially at this time of the year, so any movement in prices will have to wait until January.
However, sources are reporting that very few—if any—transactions are taking place at the low end of the spot price range, and there have been reports that some smaller wire buyers have been quoted at prices slightly above the range. But overall, US domestic wire rod spot prices are unchanged this week in the range of $28.50-$29.50 cwt. ($628-$650/mt or $570-$590/nt) ex-mill.