US domestic rebar is flat this week while wire rod increases. “Prices are trending up, but the demand is not great,” said a market insider.
In the weekly rebar spot markets, domestic supply on an FOB mill basis is assessed with most transactions noted at $39.00-40.50/cwt. ($780-808/nt or $860-891/mt), on average $39.75/cwt. ($795/nt or $876/mt), unchanged from seven days ago. “We should see a rebar price increase next week, especially because scrap is up,” said a SteelOrbis insider.
In the domestic wire rod market, most transactions were reported this week at $42.00-43.00/cwt. ($840-860/nt or $926-948/mt), or an average of $42.50/cwt. ($850/nt or $937/mt), up $1.00/cwt. ($20/nt or $22/mt) from seven days ago.
The uncertainty surrounding potential US tariffs is still affecting the steel market. It was announced at a televised cabinet meeting on February 26 that reciprocal tariffs on all levies against the US from foreign nations would be levied in kind starting April 2.