With continually strong demand and somewhat tight supply for wire rod in the US domestic market, sources tell SteelOrbis that the trend for wire rod is still pointing “firmly upward,” although prices have taken a break from rising this week.
The stability is not expected to last long, however, with market players eyeing US domestic scrap prices that are expected to settle this week. While a sideways scrap trend is possible, shredded scrap could settle at up $20/ton, and if scrap prices end up rising, sources say wire rod prices will soon follow. For now, US domestic wire rod spot prices are unchanged week-on-week at 42.00-$43.00 cwt. ($926-$948/mt or $840-$860/nt) ex-mill.