Early predictions for the US domestic scrap trend for November are pointing toward a stable to possible upward trend, although sources say such speculation has not yet had an impact on the US domestic wire rod market. Spot prices for wire rod are still considered weak, although some buyers believe such weakness won’t last much longer.
However, demand is low enough that buyers might not rush to the market in anticipation of a price uptrend, sources said, in the “unlikely” event US wire rod mills announce a price increase to shore up wire rod prices. Another source said that still, “anything is possible,” but admitted a price increase attempt would not necessarily succeed.
For now, US domestic wire rod prices are stable at $28.50-$29.50 cwt. ($628-$650/mt or $570-$590/nt) ex-mill.