Despite a sideways trend for scrap this month and no measurable increase in wire rod demand, US domestic wire rod mills announced a price increase this week of $1.00 cwt. ($22/mt or $20/nt), effective with all new orders. Sources tell SteelOrbis that the increase has caught the market off guard, and so far there has not been any impact on spot prices. However, sources believe mills might be able to get a fraction of the increase, as much as half of it, depending on the customer.
For now, US domestic wire rod prices are stable week-on-week, at $28.00-$29.00 cwt. ($617-$639/mt or $560-$580/nt) ex-mill.