Although the $1.50 cwt. ($33/mt or $30/nt) price increase announced by US wire rod mills nearly two weeks ago has not fully absorbed into the market, spot prices are starting to reflect an upward trend. US domestic wire rod spot prices are now in the range of $41.50-$42.50 cwt. ($915-$937/mt or $830-$850/nt) ex-mill, up $0.50 cwt. ($11/mt or $10/nt) in the last week.
Sources tell SteelOrbis that the US wire rod market remains “very strong,” with robust demand and continual tight supply. As such, further upticks in spot prices are expected, especially if US domestic scrap prices rise next month.
Looking even further ahead, H.O. Woltz III, President and CEO of Insteel Industries, said in the quarterly financial report released today that for the next two quarters, the company expects “to confront extremely tight supply conditions and escalating prices in both the domestic and international markets for steel wire rod.”