US domestic long product prices have moved sideways to slightly up this week, primarily due to the absence of imports and cautious expectations for upward movement in July scrap prices, rather than an improvement in local demand.
In the weekly rebar spot markets, the domestic supply was assessed on an FOB mill basis, with most transactions noted at $40.00-41.00/cwt. ($800-820/nt or $882-904/mt), or on average $40.50/cwt. ($810/nt or $893/mt), unchanged from seven days ago. Some market sources expect workable rebar prices to inch up slightly in the coming weeks, as some restocking is expected. However, no dramatic increases are anticipated, at least for now. “There is too much uncertainty for people (buyers) to proceed with substantial bookings. We currently have a 50% tax blocking imports, but only God and Trump know how the situation will develop further,” an international trader told SteelOrbis. “Things are not quite the same now as they were after the Section 232 measures were first introduced several years ago.”
In the domestic wire rod market, most transactions were reported at an average of $46.00/cwt. ($920/nt or $1,014/mt), up $1.00/cwt. ($20/nt or $22/mt) from seven days ago. The domestic wire rod price is trending upward this week, despite the more plentiful supply. “Liberty Steel is active,” said a SteelOrbis insider. “They are producing as much as they can despite some ongoing issues at the plant.”