Although there are still rumors in the market of US domestic wire rod mills attempting to raise prices for September, most sources report there is “no chance” any price increase attempt will be successful. In fact, US wire rod prices are still continuing to trend “very weak,” with spot prices dropping by $0.50 cwt. ($11/mt or $10/nt) in the last week.
US domestic wire rod spot prices are now in the range of $31.00-$32.00 cwt. ($683-$705/mt or $620-$640/nt) ex-mill, putting them “even closer” to import wire rod offers. Additionally, one source reported that a certain Midwest wire rod mill was offering closer to $30.00 cwt. ($661/mt or $600/nt) ex-mill, although such offers are likely for large tonnage orders.