US domestic rebar and wire rod are both flat this week as scrap is reported to be strong sideways this month. “We are heading for a big slow down for the steel market with all of the uncertainty and tarrifs,” said a SteelOrbis insider. While the availability if the import rebar and wire rod at the US warehouses has been shrinking and hardly any new import deals have been closed after the 50 percent tariff was introduced, the domestic demand still does not seem strong enough to urge the mills to increase their prices.
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.
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.