US domestic wire rod mills are reportedly holding the line on current spot prices, which are still in the range of $29.50-$30.50 cwt. ($590-$610/nt or $650-$672/mt) ex-mill. Sources tell SteelOrbis that mills are “impatient” about the ongoing Section 232 investigation and the various delays in results, leaving many in the market “on edge” about whether they should expect US domestic wire rod prices to rise (in the aftermath of substantial tariffs) or fall (in the event the investigation ends with no tariffs announced).
What is clear is that mills are reportedly keeping spot prices on a “tight leash” and even the largest buyers do not have much leverage to negotiate deals. Some orders have been reported booked for slightly below the stated spot range, but sources are quick to point out those deals are “outliers” that have little to no overall effect on the market.