Although some of last week’s mill announced price increase immediately absorbed into US domestic wire rod prices, the remaining $0.50 cwt. ($11/mt or $10/nt) is reportedly “on hold” while buyers evaluate the market. Due to still-limited capacity at wire rod mills, orders placed today won’t arrive until later in the second quarter, and with current uncertainty regarding near-term scrap prices and the sustainability of currently-high wire rod prices, sources say buyers are not rushing to book orders at the moment.
As such, US domestic wire rod spot prices are unchanged week-on-week, still trending at $40.00-$41.00 cwt. ($882-$904/mt or $800-$820/nt) ex-mill. However, sources say the current uncertainty does not preclude prices from drifting upward in the near-term, especially if US domestic scrap prices end up rising again next month.