US domestic rebar is up slightly this week while wire rod stays flat, and scrap is flat to lower as we approach August. According to the official statement, CMC Reinforcing Steel Mills has announced a $4/cwt ($80/nt) increase in its extra sizes for #3, #14, and #18 reinforcing bars effective for shipments from July 31 and onwards, causing a slight increase for rebar until the market fully accepts the price increase.
In the weekly rebar spot markets, domestic supply on an FOB mill basis was assessed with most transactions noted at $41.50-42.50/cwt, ($830-850/nt or $915-937/mt), on average $42.00/cwt, ($840/nt or $926/mt), up by $0.50/cwt, ($10/nt or $11/mt), from seven days ago.
In the domestic wire rod market, most transactions were 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. Liberty Steel remains active this week as well.
“The market is still very quiet this week,” said a SteelOrbis insider. “Not many have a hyper drive to do business right now due to summer vacation and holiday,” he continued.