Steady demand and predictions of higher prices in certain steel product markets has not yet impacted the US domestic wire rod market, which is still experiencing tepid demand and vulnerable spot prices. Domestic mills are still reportedly mostly competing amongst themselves for whatever orders are available, but until end-use demand picks up in pace with other long products like rebar, the only factor that sources say they think will have an impact is scrap prices.
US shredded scrap declined slightly this month, not enough to pull down prices in the overall steel market but enough to leave US domestic wire rod prices continually vulnerable. With winter approaching along with expected seasonal upticks in scrap prices, sources say US wire rod spot prices may be able to “claw their way up.” For now, spot prices are unchanged week-on-week in the range of $40.00-$41.00 cwt. ($882-$904/mt or $800-$820/nt) ex-mill.