US domestic rebar and wire rod remain flat this week as scrap stays sideways as we get closer to September. Many have described this stable market as a “summer slump” or “the summer doldrums". Domestic demand is still driven by a strong construction sector and infrastructure spending.
In the weekly rebar spot markets, domestic supply on an FOB mill basis was assessed with most transactions noted at $43.50-44.50/cwt, ($870-890/nt or $959-981/mt), on average $44.00/cwt, ($880/nt or $970/mt), unchanged from seven days ago. “Despite the flat pricing over the last few weeks, rebar is trending up,” according to a SteelOrbis insider. Overall, taking into account the diminishing import volumes due to the valid minimum 50 percent restrictions, many expect that the domestic rebar prices might strengthen in the future, but for now they are held back by the sideways scrap and seasonally limited trade.
In the domestic wire rod market, domestic supply on an FOB mill basis was assessed with most transactions reported this 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), unchanged from seven days ago. "Wire rod is trending neutral,” the SteelOrbis insider continued.