With expectations that US domestic scrap prices will rise again in March after dropping this month, sources tell SteelOrbis that US domestic wire rod mills are “uninterested” in deals and would prefer to keep prices level. However, sources say it is unlikely that wire rod mills will try to raise prices along with scrap next month, considering they didn’t officially drop prices when scrap declined this month.
On the other hand, one source mentioned there might be a “supply issue” in the Midwest and South due to the severe winter storms affecting the regions this week. Some facilities have shut down due to a lack of electricity, although if operations return to normal within the next week, the impact on supply will not be significant enough to alter prices much.
For now, US domestic wire rod prices are steady week-on-week in the range of $38.50-$39.50 cwt. ($849-$871/mt or $770-$790/nt) ex-mill.