Following the announcement by Nucor earlier this week that it will raise wire rod prices by $1.50 cwt. ($33/mt or $30/nt), spot prices within the US domestic wire rod market have already started to rise. Backed by strong demand, high scrap prices, and an overall tight market, the increase didn’t reach the “optimistic” $2.50 cwt. ($55/mt or $50/nt) predictions as of last week, but sources say the increase will find little resistance among buyers.
So far, spot prices for US domestic wire rod this week are up $1.00 cwt. ($22/mt or $20/nt) from last week, now ranging from $40.00-$41.00 cwt. ($882-$904/mt or $800-$820/nt) ex-mill.