Strong demand and tight supply have pushed US domestic wire rod prices higher this week, and sources say further upticks are inevitable thanks to predictions that US domestic scrap prices will rise again next month. This week, US domestic wire rod prices are up $0.50 cwt. ($11/mt or $10/nt), bringing spot prices into the range of $44.00-$45.00 ($970-$992/mt or $880-$900/nt) ex-mill.
Sources tell SteelOrbis that they continue to expect the uptrend to “hit a wall” eventually, although few can predict when that might be. For now, most sources expect US domestic wire rod mills will announce another official price increase after the scrap market settles for June.