Although demand for wire rod in the US is still “quite low” and scrap prices saw a modest increase this month that didn’t quite make up for the plunge in April, Nucor announced this week a $2.00 cwt. ($44/mt or $40/nt) increase in wire rod transaction prices, effective immediately.
Sources tell SteelOrbis that the motive for the increase was likely preventing wire rod prices from slipping further, and the most that mills can “reasonably expect” to get from buyers is an additional $0.25 cwt. ($11/mt or $10/nt). However, some sources report that the lowest end of the average wire rod price range is “less available than it was a week ago,” and the range could narrow in the short term. This week at least, US domestic wire rod prices are unchanged at $28.50-$30.00 cwt. ($628-$661/mt or $570-$600/nt) ex-mill.