More of the mid-December $4.75-$5.25 cwt. ($105-$116/mt or $95-$105/nt) price increase announced by US wire rod mills has absorbed into the market in the last week, lifting spot prices by another $1.00 cwt. ($22/mt or $20/nt). While new spot prices still do not reflect the entirety of the price increase, sources tell SteelOrbis that once buyers return to the market after the holidays, they are likely to stock up ahead of a potential further price increase announcement in January. Until then, US domestic wire rod prices are now ranging from $32.50-$34.00 cwt. ($717-$750/mt or $650-$680/nt) ex-mill.
As for the US import wire rod market, activity is still “dead” according to sources, due primarily to offer prices that are still coming in higher than domestic offers. US import wire rod offers from Germany are stable this week in the wide range of from $34.00-$37.00 cwt. ($750-$816/mt or $680-$740/nt) DDP loaded truck in US Gulf ports.