Although buyers within the US domestic wire rod market are reportedly still being cautious with their orders, sources tell SteelOrbis that demand remains strong. Combined with still-limited supply—and concerns about future supply issues stemming from the financial situation of one major wire rod mill—along with uncertainty about the direction of scrap prices next month, spot prices for US wire rod have firmed upward in the last week.
US domestic wire rod spot prices are now in the range of $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill, up $1.00 cwt. ($22/mt or $20/nt) in the last week. Sources say the increase accounts for the remainder of the mill price increase announced earlier this month, “plus a little extra” due to aforementioned market factors.