After rising by $1.00 cwt. ($22/mt or $20/nt) last week, US domestic wire rod prices have stabilized this week with no further movements upward. Sources tell SteelOrbis that while wire rod prices might see minor upticks again next month if US domestic scrap prices settle upward as predicted, the general consensus remains that the full $2.75 cwt. ($61/mt or $55/nt) mill price increase announced earlier this month will not absorb into the market.
For now, US domestic wire rod spot prices remain at $27.50-$29.00 cwt. ($606-$639/mt or $550-$580/nt) ex-mill, with fewer reported transactions at the low end of the range.