US domestic rebar and wire rod prices remained unchanged this week due to minimal domestic long steel demand and high supply availability, market insiders told SteelOrbis.
“Domestic pricing is soft and the trend is looking downward,” said one insider. “As supplies remain high, we’re not seeing much change in the domestic rebar markets this week.”
“World rebar prices haven't changed much over the past year and a half,” the insider said. “However, the US markets have been more volatile, with scrap prices down over the last several months,” he added. “US prices are down a bit, but not by a whole lot.”
In the weekly rebar spot markets, the domestic supply is assessed on an FOB mill basis, with most transactions noted as unchanged from seven days earlier at an average of $38.00/cwt. ($760/nt or $838/mt).
In the domestic wire rod market, most transactions were reported at $44.50–45.50/cwt. ($890-910/nt or $981-1,003/mt) this week, which is unchanged from one week prior. According to media reports, Liberty Steel has continued to ramp up production as normal this week.
“Since demand is so low, the domestic rebar and wire markets are more vulnerable to further price declines,” the long steel insider told SteelOrbis.