Sources continue to report weak interest in the US domestic wire rod market, but even though no major changes in the demand landscape are forecasted, prices are expected to rise “eventually.” With US shredded scrap prices moving up modestly this month, US domestic wire rod mills have “an appetite for higher prices” that could soon translate to firming prices, although few believe mills would announce an official increase.
December might be too soon for higher wire rod prices, sources say, but many are looking ahead to the New Year and a possible “fresh start” for the market. For now, US domestic wire rod prices are unchanged in the last two weeks, still trending at $39.50-$40.50 cwt. ($871-$893/mt or $790-$810/nt) ex-mill.