After rising substantially this month, US domestic wire rod spot prices are stable this week, although sources tell SteelOrbis that prices could “easily” move upward, especially if US scrap prices rise again next month. However, one source pointed to a potential increase in supply as one major wire rod mill comes back online after scheduled maintenance, which could mitigate any “crazy price increase ideas” in the near-term.
For now, US domestic wire rod prices are stable week-on-week at $49.00-$51.00 cwt. ($1,080-$1,124/mt or $980-$1,020/nt) ex-mill, although some sources say most transactions are occurring over the $50.00 cwt. ($1,102/mt or $1,000/nt) ex-mill level.