Sources say US domestic wire rod price are firmly part of the “overall upswing” in US steel prices, and although US wire rod mills have not announced a formal price increase, as other steel product mills have, spot prices are in a “definite uptrend.”
This week, the high end of the spot price range for US domestic wire rod remains unchanged at $38.00 cwt. ($760/nt or $838/mt) ex-mill. And while some low-end deals are still heard at the level of $37.00 cwt. ($740/nt or $816/mt) ex-mill, or slightly lower, sources say US wire rod mills will soon stop accepting offers below $37.50 cwt. ($750/nt or $827/mt) ex-mill.
Predictions for higher scrap prices in March will give US domestic wire rod mills further leverage to raise prices, and some sources say an official price increase announcement is inevitable.