Confirming reports from last week, sources tell SteelOrbis that US domestic wire rod prices have “almost surely” seen their peak, and if US domestic scrap prices drop next month as predicted, buyers will “absolutely” try to get mills to come down with prices. In addition to potential input cost pressure, demand for wire rod is reported to be “not as crazy” as before, and though lead times are still reportedly stretching deeper into the fall, some customers are not as concerned about the delay than they were previously.
As such, current US domestic wire rod spot prices—unchanged week-on-week in the range of $52.00-$53.00 cwt. ($1,146-$1,168/mt or $1,040-$1,060/nt) ex-mill—are not expected to rise any further, and prices could even start to drift downward once scrap settles in August.