After Nucor and Liberty Steel both announced a $2.00 cwt. ($44/mt or $40/nt) price increase earlier this week, sources have reacted to the move with a degree of skepticism, especially considering US scrap prices settled at sideways this month. Domestic wire rod spot prices have not yet reflected higher prices, and some believe the announcement was intended to spur orders, more than getting prices up.
Already, sources report orders placed this week from buyers who were on the fence previously, and there seems to be a spreading sentiment that wire rod prices could rise later in Q4 when cold weather drives up scrap prices. For now, US domestic wire rod spot prices are unchanged week-on-week in the range of $53.00-$55.00 cwt. ($1,168-$1,213/mt or $1,060-$1,100/nt) ex-mill, unchanged week-on-week.