Demand remains strong within the US domestic wire rod market, but sources tell SteelOrbis that supply doesn’t appear to be as tight as it once was, and combined with unchanged spot prices week-on-week, it’s “safe to say” prices have seen their peak. However, while US scrap prices are forecasted to soften slightly this month, there is not an expectation that US wire rod prices will come down right away. By the end of the month or just past, sources say, prices should start to drift downward.
For now, US domestic wire rod spot prices are unchanged week-on-week in the range of $52.00-$53.00 cwt. ($1,146-$1,168/mt or $1,040-$1,060/nt) ex-mill.