Although demand remains decent within the US domestic wire rod market, and a portion of the mid-December mill price increase has yet to absorb into spot prices, sources tell SteelOrbis that rising prices have “taken a breather.” Some sources still believe another mill price increase is possible in conjunction with the strong uptrend in US scrap prices this month, but the appetite for higher prices among buyers has waned somewhat.
As such, US domestic wire rod prices are still ranging from $35.00-$37.00 cwt. ($772-$816/mt or $700-$740/nt) ex-mill, although deals on the lower end of the range have become scarcer after Midwest shredded scrap prices surged up about $85/ton earlier this month.