US domestic rebar and wire rod prices were flat for an eleventh week, as more robust long steel demand for data center projects, continues to be offset by scant infrastructure project spending and recent lower monthly scrap pricing, market insiders told SteelOrbis this week.
With the US and global economies continuing to flounder, insiders told SteelOrbis that US data center construction remains one of the few positive drivers for increased rebar and wire rod demand, whereas other demand drivers such as that from ongoing infrastructure projects remains muted owing to uncertainty caused by ongoing Section 232 steel tariffs and high interest rates that make investments more risky.
In the weekly rebar spot markets, domestic supply on an FOB mill basis was assessed with most transactions noted at $44.50-45.50/cwt, ($890-910/nt or $981-1,003/mt), on average $45.00/cwt, ($900/nt or $992/mt), unchanged from seven days ago.
Market respondents mentioned import offers are possibly coming from the Middle East or Turkey but explained there are not many options out there regarding imports. “Immediate spot pricing for imports is probably on par with domestic pricing,” a long steel insider told SteelOrbis.
In the domestic wire rod market, domestic supply on an FOB mill basis was assessed with most transactions reported steady for yet another week at $46.50-47.50/cwt ($930-950/nt or $1,025-1,047/mt), or an average of $47.00/cwt ($940/nt or $1,036/mt).
Wire rod pricing is likely to remain little changed near term, insiders said. “Liberty Steel has reached its production capacity this week,” one Midwest long steel importer reported. Calls to Liberty Steel to confirm its operational status were not immediately returned.