US wire rod market – Pricing trend is up . . . for now

The domestic wire rod market has not registered any increases since last week, though the pricing trend is still moving in an upward direction. With the previously announced July increases and anticipated August increases, domestic wire rod prices will continue to rise through the summer. However, the increases may not be as high as producers would like, as some buyers are starting to resist higher priced offers. After summer, it is likely that prices will start to level off. This week, domestic wire rod offers range from $27.00 cwt. to $28.00 cwt. ($595 /mt to $617 /mt or $540 /nt to $560 /nt) FOB mill for low carbon, and from $29.50 cwt. to $31.50 cwt. ($650 /mt to $694 /mt or $590 /nt to $630 /nt) FOB mill for high carbon. (These numbers represent the average offers in the market, although big buyers are still getting offers slightly under these prices, and smaller buyers are paying slightly more.) Import prices have also remained the same since last week, though, like the domestic market, the import market should also register a few more price increases this summer before eventually settling down. The pricing trend is still up. Import offers in the market range from $24.50 cwt. to $25.50 cwt. ($540 /mt to $562 /mt or $490 /nt to $510 /nt) FOB, loaded-truck, in US Gulf ports for low carbon and from $26.00 cwt. to $27.00 cwt. ($572 /mt to $595 /mt or $520 /nt to $540 /nt) for high carbon FOB, loaded-truck, in US Gulf ports.