US domestic wire rod spot prices have firmed up again week-on-week, although mills have not yet announced a formal increase. Some sources believe an announcement is imminent now that US domestic scrap prices have settled for the month at higher prices, while others foresee higher wire rod prices on a customer-by-customer basis going forward, with no official announcement.
US domestic wire rod spot prices are now in the range of $26.50-$28.00 cwt. ($584-$617/mt or $530-$560/nt) ex-mill, up $0.50 cwt. ($11/mt or $10/nt) from last week. Sources also say that mills seem “eager” to push for higher prices, although one source said, “there’s a limit to how much they can push, considering demand is still weak.”