US domestic rebar and wire rod prices were unchanged for a seventh straight week with demand for rebar said to be “decent,” as tariff-inspired reductions in imports continues to limit supply, while wire rod markets were reported to be “stagnant,” even as the 700,000 tons per year Liberty Steel wire and rod plant was reported to at or near capacity, market insiders told SteelOrbis this week.
And while prices remained flat on the week, insiders said domestic long steel market are currently in balance, with rebar the most likely to see short-term price increases any time soon.
“Liberty Steel left a large hole in the market due to its absence, but now that they have returned, there are no shortages expected short term and mills are not pushing up prices because demand remains soft,” a Steel Orbis insider said. “The market’s in equilibrium right now.”
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.
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.