US domestic rebar and wire rod prices were flat again for a fourteenth full week as demand remains limited and as monthly scrap buying by domestic steel mills began at sideways levels for November early this week, market insiders told SteelOrbis.
On Monday, Nov. 3, scrap insiders said mills in the Southern US begin to buy November scrap at sideways pricing to reduced October settles. At last report, November scrap remained traded sideways across all scrap grades, both on the US East Coast and in the US Midwest.
Market insiders told SteelOrbis a combination of flat November scrap pricing and tight local supply as a result of ongoing 50 percent steel tariffs, continue to be supportive for long steel, even though rebar and wire rod demand from residential and commercial construction activity remains muted.
“Customers are having a hard time finding supply on the ground for both rebar and wire rod. While rebar is tighter, the domestic mills are disciplined [and are] keeping prices as they are,” a long steel insider said.
In the weekly rebar spot markets, domestic supply on an FOB mill basis was assessed with most transactions noted unchanged at $44.50-45.50/cwt, ($890-910/nt or $981-1,003/mt), on average $45.00/cwt, ($900/nt or $992/mt).
Even though most long steel insiders expect domestic supply availability to improve soon as a result of recent capacity additions and the construction of several entirely new mills across the Southern US, supplies still remain tight as imports languish with steel tariffs limiting the profitability of supply from abroad.
“Some customers are saying this new rebar mill from Nucor, in Lexington, North Carolina, and the Hybar LLC mill in Osceola, Arkansas, are both in production and shipping some rebar, but there is very little impact as of yet on the market,” the long steel insider added. “As these mills continue production, they could eventually ease some of the shortages the domestic rebar market is experiencing.”
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.
As the US government shutdown continues past a historic full month, insiders told SteelOrbis they think its affects on the US steel market will remain limited for the balance of the 4th quarter as most building projects typically begin to wind down for the winter months. Many think a greater effect on pricing could be seen during the first and second quarters of 2026, when many market insiders predict a spike in domestic finished steel prices.