The mid-March mill price increase for US domestic wire rod continues to absorb into the market, with spot prices up another $0.50 cwt. ($11/mt or $10/nt) week-on-week. Sources say a combination of strong demand, little competition from imports, and signs of an extended US economic recovery all point to more wire rod prices uptrends in the near-term.
This week, US domestic wire rod spot prices are trending at $42.00-$43.00 cwt. ($926-$948/mt or $840-$860/nt) ex-mill. While this price level reflects the full absorption of the mid-March mill increase, sources say further mill announcements could arrive if US domestic scrap prices trend up in May as predicted.