Demand is improving slightly in the US domestic wire rod market, which has allowed US wire rod mills to firm prices up slightly, although sources point out that it’s more of a “last desperate push to get a little bit more of the September increase before the end of the year” rather than indications of an uptrend. Spot prices are up $0.50 cwt. ($11/mt or $10/nt), with bookings for larger customers now at a minimum of $28.00 cwt. ($617/mt or $560/nt) ex-mill, and smaller customers paying around $29.50 cwt. ($650/mt or $590/nt) ex-mill.
Sources note that mills are aware of scrap predictions for next month—early expectations are pointing to a downtrend—and likely believe this is the last chance to push up wire rod prices. Sources also say that if US domestic scrap prices come down in November, it will more likely be the larger customers benefiting from any price flexibility, and smaller customers will probably continue to pay the higher prices.