US domestic rebar and wire rod prices were flat this week, even as scrap price predictions for January were seen sideways to higher.
“Domestic pricing should not change before the end of 2025. The market is slow now as people in the steel industry are taking a break before the new year,” said one long steel insider.
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.
“Some say [January] scrap is sideways while others think it is going to increase,” said a SteelOrbis insider. The anticipated January scrap and finished steel price increases, other insiders said, could depend on whether National Weather Service short-term forecasts for an increased amount of cold and snowy weather in the US Midwest and Northeast regions proves true early this winter. It could also depend, they say, on whether US mills, following a December scrap price increase, have any appetite left to take on the additional cost of higher January scrap given a normal seasonal drop in demand due to the approaching Christmas and New Years holidays.
On the domestic long steel demand side, weekly discussions with market insiders again focused on the US construction industry and its current demand driver in new data center construction projects. While traditional residential and commercial construction activity remains tepid amid high interest rates, and unremarkable employment numbers, demand for rebar to build data centers continues to support spot pricing.
On the supply side, on Nov. 7, Charlotte, North Carolina-based Nucor increased its posted prices for rebar by $30/nt ($33/mt), or $1.50/cwt. No additional rebar price increase announcements have been issued to date by the US steel maker. Insiders say supply remains tight with mills continuing to allocate available supply and to push back mill lead times to accommodate ongoing customer requirements.
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 pricing has stayed steady for several months now, amid reports of stable supply and slow demand.