Wire rod prices in the United States have jumped higher in response to significant scrap price increases, with mills passing those costs along to consumers, as well as a falling dollar, which has pushed import prices even higher - making them less competitive against domestic supply, Fastmarkets has learned.
Fastmarkets' monthly price assessment for steel wire rod (low carbon) industrial quality, fob mill US was at $37-38 per hundredweight ($740-760 per short ton) on Tuesday December 15, up by $4.75 per cwt (14.5%) from $32.25-33.25 per cwt one month earlier.The assessment for steel wire rod (low carbon) import, loaded truck Port of Houston for immediate delivery was at $740-760 per ton, a sharp jump of $170 per ton (29.31%) from $570-590 per ton the prior month, propelled higher both by rising scrap prices and by a falling dollar that has pushed up the cost of imports priced in other currencies.The US domestic ferrous scrap trade this month broke records set in March 2010, with the consumer buying price of shredded auto scrap, delivered mill Chicago - a key input material in...