After the US domestic wire rod market resumed activity following the holidays, sources are reporting a continued uptrend in spot prices. Two weeks ago, US domestic wire rod prices ranged from $32.50-$34.00 cwt. ($717-$750/mt or $650-$680/nt) ex-mill—the range had not fully absorbed the mid-December mill announced $4.75-$5.25 cwt. ($105-$116/mt or $95-$105/nt) price increase, but more of it has firmed prices since then.
US domestic wire rod prices are now ranging from $35.00-$37.00 cwt. ($772-$816/mt or $700-$740/nt) ex-mill, and sources say it is almost certain mills will announce another price increase in the near term, mostly based on another surge in US domestic scrap prices this month—already, East coast scrap prices have settled up between $80-$100/gross ton.