US domestic rebar and wire rod prices were flat for the thirteenth week amid limited domestic demand, even as import long steel prices have begun to inch up, market insiders told SteelOrbis this week.
Insiders said existing import inventories at US Gulf Coast warehouses continues to shrink as available replacement supply from overseas dwindles, causing US suppliers to seek higher pricing for what’s still available. Higher import pricing could allow US mills to announce rebar price increases soon, they added.
“Before June, import spot pricing that was quoted on the US Gulf Coast at $37.00/cwt., is now quoted at $45.00/cwt.,” remarked one import rebar insider, about the current pricing situation. “While we expect some replacement supply to hit the US near term from Korea and Turkey, supply from Asia remains largely unavailable.”
Insiders told SteelOrbis the growing paucity of imports could begin to cause domestic long steel prices to rise, however small, even though several mills that announced previous $40/cwt., price increases last week for their merchant bar quality steel, later rescinded those increases.
“US mills continue to sell out rolling schedules, and several smaller regional players have attempted modest (price) hikes ($2.00/cwt., or $40.00/nt) to offset strong order books,” one rebar insider told SteelOrbis. “Domestic rebar prices have now remained flat for three months,” he said. “CMC’s brief MBQ price hike was withdrawn, yet Nucor and SDI see a justification for a rebar price increase soon as buyers actively restock ahead of winter.”
Following earlier predictions of a long-awaited long steel price increase from US domestic mills, on Friday, Oct. 17, Irving, Tx.-based CMC Steel, announced a $40/ton ($44/mt) increase in its customer prices for MBQ steel. Following CMC’s announcement, on Monday, Oct. 20, Fort Wayne, Indiana-based Steel Dynamics, Inc., (SDI), Tampa,Fla.-based, Gerdau North America, and Houston, Tx.-based Deacero also announced their own equivalent MBQ price increases. As of press time this week, only Deacero had plans to maintain its increase.
Insiders said the other mills rescinded their planned increases because Charlotte, NC.-based Nucor did not announce an equivalent increase of its own
“Nucor does not like to follow the guidance of the other mills, and Deacero has decided to keep the price increase in place because of the ongoing 50 percent steel tariffs,” commented one long steel insider to SteelOrbis.
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 steady 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.
While domestic pricing still remains flat, one SteelOrbis insider hinted that 2026 could be a better year for US steel markets. “I am now looking forward to 2026, since it may not be as bad of a year as we anticipated (earlier) for the (US) steel market,” he said.
