US low-carbon wire rod prices rise on tight supply

US domestic wire rod prices rose by an average $50 per short ton ($2.50 per hundredweight) in May due to tightening supply; at the same time, more buyers have turned to imports to acquire needed material, pushing import prices above domestic prices in some cases.

Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US was $49-51 per cwt ($980-1,020 per ton) Tuesday May 18, up by 5.26% from $47-48 per cwt on April 20 and its highest since the assessment stood at $54 per cwt in early November 2008.
Fastmarkets' assessment for steel wire rod (low carbon) import, loaded truck Port of Houston for immediate delivery was $980-1,040 per ton ($49-52 per cwt) on May 18, up 8.60% from $900-960 per ton on April 20 and an all-time high since Fastmarkets began covering the market in April 1994, topping the prior peak of $950-970 per ton in July and August 2008. 
Market overview

Market participants reported a surge in import prices, with buyers scrambling to meet their needs from available supply while the range of price offers in the market widened...

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