Sources tell SteelOrbis that demand for US domestic wire rod remains “rather soft,” but that has not translated into increased price flexibility. Spot market prices are steady again this week in the range of $39.00-$40.00 cwt. ($860-$882/mt or $780-$800/nt) ex-mill, although some sources report mills are looking to firm up the lowest end of the range after US domestic scrap prices increased this month.
Despite continued uncertainty about the fate of imports, tariffs, and possible quota deals, imports have not had much of an impact on the US wire rod market lately, sources say, although some downstream producers are concerned about the “ripple effects” of the current tariff program.
In a press release reporting Insteel Industries’ quarterly results, the company’s president and CEO said business conditions are becoming “increasingly challenging” due to the Section 232 tariffs, specifically how they have caused domestic prices for wire rod “well above world market levels.” As a result, the company expects a surge in low-priced import competition for downstream products such as welded wire reinforcement and PC strand. The company said it is currently working with the Trump administration to alleviate these concerns.