US domestic wire rod prices are unchanged week-on-week, but sources say the market continues to trend strong despite a $20/mt drop in shredded scrap prices this month. Sources say such a “modest drop” will have no affect on the wire rod market considering its currently strong demand, and even deals for larger customers are reportedly mostly unavailable.
As further upticks in wire rod prices are not predicted to happen until scrap rises again, US domestic wire rod prices should continue trending stable in the near-term at $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill.