Although sources within the US domestic wire rod market were skeptical of the $4.00 cwt. ($88/mt or $80/nt) mill price increase announced in mid-November, spot prices are continuing to rise due to tight supply and continually solid demand. However, while spot prices are up about $1.00 cwt. ($22/mt or $20/nt) since our last report two weeks ago, sources say smaller-tonnage buyers are very likely paying more of the increase, and deals for large customers are not as available as they used to be.
As such, while the current spot price range for US domestic wire rod is now at $55.00-$57.00 cwt. ($1,213-$1,257/mt or $1,100-$1,140/nt) ex-mill, there is a “decent chance” prices will rise further, especially if US scrap prices see even a modest bump this month.