Although US domestic wire rod prices have not changed in the last week, sources say the market is still strong and prices are very likely to rise after scrap prices settle next month. After a few weeks of oscillating forecasts, the latest predictions for US domestic scrap prices in June are pointing to a $50/mt increase, and sources say US wire rod mills will “doubtlessly” take advantage with another formal price increase announcement.
Until then, US domestic wire rod spot prices are steady at $44.00-$45.00 cwt. ($970-$992/mt or $880-$900/nt) ex-mill, and some sources say deals on the lower end of the range are already becoming less available.