Although sources report that US domestic wire rod mills are eager for orders and ready to negotiate accordingly, buyers’ inventory levels are still reportedly full enough to hold off on major purchases. However, other sources point to the strong likelihood that US wire rod prices have hit bottom, suggesting those on the fence about buying shouldn’t wait too long.
For now, even though scrap prices increased this month, US domestic wire rod prices are unchanged week-on-week at $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt) ex-mill. Sources say that if prices don’t tick up by the end of this month, they are likely to in February, especially if US scrap prices rise again.