US domestic rebar and wire rod prices remained flat again this week, even as the potential for higher December scrap pricing could prompt domestic steel producers to announce yet another round of increases in posted prices as steel production costs are likely to rise, long steel insiders told SteelOrbis this week.
On Nov. 7, Charlotte, North Carolina-based Nucor increased its posted prices for rebar by $30/nt ($33/mt), or $1.50/cwt. No more recent rebar increases have been announce to date by the US steel maker.
“I think if scrap is moving up, there will be another price increase coming soon,” remarked one long steel insider to SteelOrbis.
This week, December scrap negotiations are expected to conclude, with shredded scrap seen settling $20/gt ($20/mt) higher, while other grades are seen mostly sideways to potentially higher at last report. Scrap suppliers said Dec. 4 that intense cold Midwest weather has reduced inflows of scrap into collection yards, resulting in a drop in available shredded scrap inventory ahead of the start of December supply negotiations.
“Shredded scrap is up $20/gt, though other grades have not yet been finalized,” remarked another US Midwest mill scrap buyer. “We’re hearing that exports are up, and scrap inflows are a little tight.”
In the weekly rebar spot markets, domestic supply on an FOB mill basis was assessed with most transactions noted at $46.00-47.00/cwt, ($920-940/nt or $1,014-1,036/mt), on average $46.50/cwt, ($930/nt or $1,025/mt), unchanged from seven days ago.
On the domestic long steel demand side, weekly discussions with market insiders once again focused on the US construction industry and its current demand driver in new data center construction projects, when compared with tepid residential and commercial construction activity.
“Small contractors are not busy at all,” commented the long steel insider. “Smaller companies have felt the heavy lull of a slow construction climate over the past few months as data center construction continues to be the main driver of their industry. The bigger you are in construction right now, the better off you seem to be.”
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 has remained steady for several months now, amid continued reports of stable supply and demand.
“Not many changes were seen in the market this week, but it remains busy, which is good,” said another SteelOrbis long steel insider. A strong upward market trend for domestic long steel pricing is likely to continue as we end 2025 and start the new year, he said.