Despite US domestic scrap prices trending sideways this month, US domestic wire rod mills have issued another price increase this week, for $2.00 cwt. ($44/mt or $40/nt), effective with all new orders. Sources tell SteelOrbis that new offers are not facing any resistance, lifting the average spot range to $52.00-$53.00 cwt. ($1,146-$1,168/mt or $1,040-$1,060/nt) ex-mill.
While some sources wonder if this will be the price peak for US wire rod, others say that long product mills have finally taken cues from the flat steel market and are determined to lift prices “as high as they will go,” regardless of what happens with scrap prices. And with import prices still coming in at higher price points than domestics, sources point out that buyers “don’t have much of a choice” but to pay what US mills offer.