US domestic rebar is up this week while wire rod stays flat as scrap is reported to be sideways to higher in August. According to an official statement, Nucor has announced a price increase of $20/nt ($1/cwt) on wire rod transactions effective with new orders as of July 22. “Not everyone is happy with the announcements from both Nucor and CMC,” said a Steel Orbis insider.
In the weekly rebar spot markets, domestic supply on an FOB mill basis was assessed with most transactions noted at $43.50-44.50/cwt, ($870-890/nt or $959-981/mt), on average $44.00/cwt, ($880/nt or $970/mt), up by $2.00/cwt, ($40/nt or $44/mt), from seven days ago. “Usually, there is a $20/nt spread between domestic rebar and imports,” according to a Steel Orbis long steel contact. “Add another $60/nt ($3/cwt Nucor increase from July 18) and that makes room for imports. From a domestic mill standpoint, we are in dangerous territory right now.”
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. “Liberty Steel is setting pricing depending on the size of the buyer,” said another long steel contact. “As they continue production, it seems they are raising prices for smaller buyers,” he continued.