Although some sources speculated last week that US domestic wire rod prices could start to soften in the near term, mills have managed to keep prices steady due to expectations of a sideways to slightly uptrend in US scrap prices next month. There have been a few outlier offers reported at or slightly beneath the low end of the current wire rod spot price range, but such deals do not reportedly apply to most buyers.
As such, the spot price range for US domestic wire rod is unchanged week-on-week at $28.00-$29.50 cwt. ($617-$650/mt or $560-$590/nt) ex-mill. Sources tell SteelOrbis that barring “something huge happening in the market,” US domestic wire rod prices are expected to trend mostly within the current range for the remainder of the year.