Although sources tell SteelOrbis that US domestic wire rod mills could soon announce a price increase—especially in light of the rebar price announcement issued earlier this week—others are skeptical of the wire rod market’s ability to absorb higher prices.
The average spot price range for US domestic wire rod prices has remained steady this week at around $37.50-$38.50 cwt. ($750-$760/nt or $827-$838/mt) ex-mill, although some sources say they are still hearing deal prices below the low end of the range. Conversely, another source reported hearing of transactions taking place above the high end of the range, giving credence to expectations for an official mill price increase.