As expected last week, the mid-February price decrease announcement from US wire rod mills has already reversed, and source expect a “significant” price increase announcement any day. Considering US mills raised rebar prices by a substantial $5.00 cwt. ($110/mt or $100/nt) this week, sources say the wire rod increase will be within the same range, “if not higher.”
Already, in the absence of a formal price announcement, US domestic wire rod prices are above levels seen before the decrease announcement last month, which came just days before Russia invaded Ukraine and upended the global steel market. Current US domestic wire rod prices are now around $57.00-$59.00 cwt. ($1,257-$1,301/mt or $1,140-$1,180/nt) ex-mill, and sources say prices could be “comfortably above” $60.00 cwt. ($1,323/mt or $1,200/nt) ex-mill as soon as next week. As for how long such high prices might last, sources say forecasting anything beyond a month is “a fool’s errand these days.”