US domestic rebar and wire rod prices continued a recent flat to higher trend this week as March scrap pricing settled sideways for the first time since November, even as domestic long steel demand remains brisk, market insiders told SteelOrbis.
Recent increases in long steel prices of late have been the result of higher steel production costs associated with rising scrap values, even as rebar and wire rod imports remain slashed as a result of 50 percent steel tariffs.
Domestic rebar prices on an FOB Midwest mill basis remained flat following week-earlier $0.50/cwt., declines to $47.50-48.50/cwt., ($950-970/nt or $1,047-1,069/mt). While weekly prices remain flat, rebar values are off from $48.00-49/cwt., ($960-980/nt or $1,058-1,080/mt), a level where pricing stood unchanged for five previous weeks.
And, even though March scrap prices settled flat amid reports of improved weather-related yard inflows, some insiders expect additional long steel posted price increases could be forthcoming from US mills soon, as availability remains limited. Insiders added that an expected near-term drop in already low imports is likely following the Feb. 28 start of the US-Israel-Iran war.
“The outlook for this war is looking pretty bad,” said one Chicago-based long steel importer. “It’s looking like strikes against Iran are not going to end very quickly.” He continued, “On the domestic side, long steel customers report not getting enough material, and there’s talk of at least one more price increase soon coming from the US mills.”
On Feb. 11, following on earlier January price increases, Charlotte, North Carolina-based steel maker Nucor announced a $30/ton ($1.50/cwt.) increase in spot wire rod prices, though market acceptance of Nucor’s increase still remains not fully accepted by the marketplace as prices are up only $1.00/cwt.
Insiders said supply-side issues should continue to be supportive for domestic long steel prices near term, especially wire rods, as reported output from Peoria, Illinois-based Liberty Steel remains below its stated 700,000 ton capacity, while the late-January sudden closure of Alton Steel’s 750,000 ton electric arc furnace in Alton, Illinois, could fuel pricing strength for large-sized wire rods.
In the domestic wire rod markets, prices rose $0.50/cwt., breaking a 10-week flat pricing trend, to on average $49.00-50.00/cwt., ($980-1,000/nt or $1,080-1,102/mt), up from $48.50-49.50/cwt., ($970-990/nt or $1,069-1,091/mt) one week earlier. Insiders told SteelOrbis they expect wire rod pricing to remain strong near term with additional weekly price increases likely as domestic supply is expected to remain tight and imports limited though Q1 2026.
Based on a sideways March settlement, US Midwest busheling and shredded scrap grades finished on a delivered to mill basis at $445-455/gt ($452-462/mt), and $445-450/gt ($452-457/mt), respectively. P&S and HMS scrap on a delivered to mill basis settled sideways at $421-431/gt ($427-437/mt) and $385-405/gt ($390-410/mt), respectively.
On the US East Coast, following $30/gt higher February settlements, busheling and shredded scrap prices settled sideways on a delivered to mill basis at $400-420/gt ($406-427/mt) and $395-405/gt ($401-411/mt), respectively. In P&S and HMS grades, following February’s $20/gt higher finish, P&S scrap settled on a delivered to mill basis sideways near $350-360/gt ($355-365/mt), while HMS 80:20 scrap finished steady at $365-380/gt ($370-385/mt), on a delivered to export yard basis, scrap market insiders told SteelOrbis.