US domestic rebar and wire rod are both flat this week as scrap is still reported to be sideways to higher in August. “I don’t feel like this is an overly strong market. These prices may settle lower than expected due to the latest price increase announcements,” said a SteelOrbis insider.
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. “Rebar is flat as import rebar inventories are getting low and there is very little coming in,” according to a long steel contact.
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.