With US shredded scrap prices trending neutral this week, sources tell SteelOrbis that US domestic wire rod mills have lost much of their leverage in obtaining the remainder of their December-announced $3.00 cwt. ($66/mt or $60/nt) price increase.
Overall, US wire rod prices only rose by $1.00 cwt. ($22/mt or $20/nt) over the entire holiday period, and prices are expected to remain steady at current ranges in the near-term. As there is no clear projection yet for February scrap prices, sources say US domestic wire rod prices will most likely stay ranging from $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) ex-mill.