US import rebar and wire rod pricing remained steady this week in limited trade with markets reported quiet following the US Christmas and New Year holidays, though spot prices are poised for an increase as supply from imports is expected to decline, especially if the incoming US president proceeds with plans to increase tariffs after he takes office January 20, market insiders told SteelOrbis this week.
This week’s assessment varies little from the one reported prior to the Christmas and New Years holidays when few market insiders said they wanted to take new positions in steel ahead of Trump’s likely expansion of trade tariffs.
Trump has proposed 25 percent tariffs on Mexico and Canada, based on what he perceives as a failure on their part to control both the flow of illegal immigration and illegal drugs into the US, while China could see an additional 10 percent added to existing tariffs because he feels China has done little to control the flow of fentanyl into the US, mostly through the southern border with Mexico.
“Long steel pricing and more specifically wire rod pricing could really jump if Trump proceeds with additional tariffs on imported steel,” said one import rebar and wire rod market insider. “Less imports will increase the reliance on US production which is currently in question with the Liberty outage in Illinois and the new announcement from Nucor about the closure of their Connecticut wire rod facility.”
On January 7, steel maker Nucor said they would cease production of wire rod at their Connecticut steel mill due to “challenging market conditions,” though they will continue to produce wire mesh, bright basic wire and rebar, the company said in a letter to its customers.
“After thorough analysis, Nucor has made the decision to cease production of wire rod at Nucor Steel Connecticut,” a company spokesman said. “(We) are forced to take this action due to challenging market conditions, including ongoing and historical surges of wire rod imports from trading partners such as Canada, Greece, Mexico, Poland, and Ukraine.”
According to import data from the International Trade Administration, total wire rod imports for 2024 were 987,738.83 metric tons (mt), up from 828,761.44 mt in 2023, for a yearly gain of 158,977 mt, or a 19.2 percent increase. The US’s top three trading partners for wire rod continue to be Canada, Japan and Brazil.
On the import rebar front, pricing remains steady on reported sales from Egypt on a delivered-to-customer basis at $36.50/cwt. ($730/nt or $805/mt). Insiders expect import pricing from Egypt to remain in the $36.50-37.00/cwt., range near term, with additional cargo bookings from Malaysia and Vietnam likely to keep prices in check.
On the US Gulf Coast, imported rebar is priced $35.75-36.75 cwt. ($715-735/nt or $788-810/mt) on a loaded truck basis, unchanged from earlier assessments, insiders said. Following earlier declines, rebar on an East Coast loaded truck basis is assessed steady at $35.75-36.75/cwt. ($715-735/nt or $788-810/mt).
In the Mexican export markets, insider say buyers remain hesitant to engage with sellers as a result of tariff uncertainty. Mexican rebar vicinity Houston on a loaded truck basis is discussed steady at $35.75-36.75/cwt. ($715-735/nt or $788-810/mt).
On the import wire rod mesh front, import material on a DDP loaded truck basis USG is discussed flat at $37.00/cwt. ($740/nt or $816/mt), following earlier weekly price strength as US markets moved higher amid uncertainty regarding the planned restart of the Liberty Steel wire rod plant in March 2025.