Many in the US domestic wire rod market were skeptical of last week’s $2.00 cwt. ($44/mt or $40/nt) mill price increase, and while the increase has not seen overall acceptance in the market, sources say some customers are paying slightly more. For the most part, the increase has been seen as a way to spur orders even though demand continues to outpace supply, and many buyers do not report paying higher prices. However, some sources are speculating that import wire rod prices, which are now once again below domestic offers after several months trending above, might be responsible for keeping some domestic wire rod prices in check.
This week, general US domestic wire rod spot prices are still ranging from $53.00-$55.00 cwt. ($1,168-$1,213/mt or $1,060-$1,100/nt) ex-mill, although there have been reports of transactions at up to $1.00 cwt. ($22/mt or $20/nt) over the high end of that range.