The US domestic scrap market has not yet settled, but due to strong predictions of an up-$50/mt trend at the least, US domestic wire rod prices are already rising. Tight supply and strong demand are also helping to lift spot prices for wire rod, which are up about $1.00 cwt. ($22/mt or $20/nt) in the last week into the range of $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt) ex-mill. Some sources have even heard of some mills offering at $47.00 cwt. ($1,036/mt or $940/nt) ex-mill.
Sources also believe that US domestic wire rod mills will announce a formal price increase after scrap settles, with estimates of an increase amount ranging from $1.50-$2.50 cwt. ($33-$55/mt or $30-$50/nt). However, other sources are cautioning that higher prices might not sustain much longer, pointing to how swiftly prices crashed in 2008 after reaching the $50.00 cwt. ($1,102/mt or $1,000/nt) ex-mill level.