US wire rod market – Domestic and import markets await increase

While no official price increases have been announced yet, a $15 /nt to $20 /nt increase for domestic wire rods is imminent. Domestic demand is very healthy, and mills are booked through May. Because of these strong market conditions, we should expect domestic mills announce June increases any day now. This week, domestic offers still range from $26.00 cwt. to $27.00 cwt. ($573 /mt to $595 /mt or $520 /nt to $540 /nt) for low carbon FOB mill, and from $28.50 cwt. to $30.50 cwt. ($628/mt to $672/mt or $570 /nt to $610 /nt) for high carbon FOB mill. The import wire rod market is in a similar state of limbo as we wait for a price increase that will probably come next week. There have been no increases in import prices in the last week, but the trend is still strongly up and it is only a matter of time before the market sees another increase. Import wire rod offers still range from $22.50 cwt. to $23.50 cwt. ($496 /mt to $518 /mt or $450 /nt to $470 /nt) FOB, loaded truck, in US Gulf ports for mesh grade and between $23.50 cwt. to $24.50 cwt. ($518 /mt to $540 /mt or $470 /nt to $490 /nt) FOB, loaded truck, in US Gulf ports for drawing quality.