After US domestic scrap prices settled sideways this month as predicted, sources tell SteelOrbis there is virtually no chance US domestic wire rod mills will be able to push through any more of the $2.75 cwt. ($61/mt or $55/nt) price increase announced in mid-September.
Only $1.00 cwt. ($22/mt or $20/nt) of it went through, and while sources say that demand is becoming more solid, unless something “major” happens like a swift uptick in scrap prices for November—which no one expects, in fact a downtrend is more likely—wire rod prices are expected to remain stable for now in the range of $27.50-$29.00 cwt. ($606-$639/mt or $550-$580/nt) ex-mill. However, if scrap drops next month, sources say US domestic wire rod prices will be vulnerable again to deals.