US wire rod prices rise; buyers digesting $50/t increase

Wire rod prices have gone up in the United States since domestic mills raised prices by $50 per ton ($2.50 per hundredweight), but the timing and full effect of that increase is still uncertain, market participants said.

American Metal Market’s assessment for industrial-quality low-carbon rod gained $1.50 to reach $33.50-35.50 per cwt, up from $32-34 per cwt previously. Prices for domestic mesh-quality low-carbon, high-carbon and cold-heading quality rod rose to $33 per cwt, $36 per cwt, and $38-39 per cwt, respectively. Import rod prices were flat in the March 14 assessment, with traders reporting no realistic import offers in the wake of President Donald Trump signing the Section 232 tariffs into law. Top US mill Nucor announced a $50-per-ton price hike on Tuesday March 13, effective with new orders immediately but also price-protecting shipments through April 1 - a move followed by other mills. That hike is a “slam dunk,” according to one mill source, who put...

Published

Nat Rudarakanchana

March 15, 2018

20:44 GMT

New York