Buying activity and demand levels within the US domestic wire rod market have remained steady week-on-week, leaving spot prices unchanged at $29.00-$30.50 cwt. ($580-$610/nt or $639-$672/mt) ex-mill. However, sources tell SteelOrbis that prices on the lower end of the range are “not as available as they used to be,” pointing to a possible firming trend in the near to medium-term.
Inventory stock-up for spring projects is “just around the corner,” one source said, adding that the US domestic wire rod market should see “more movement” soon. As with last week, import wire rod continues to be a “non-factor” in domestic negotiations, and with expectations for US domestic scrap prices in March turning upward, sources say US domestic wire rod prices could soon pass the $30.00 cwt. ($600/nt or $661/mt) ex-mill level.