US domestic long steel prices were once again reported stable to about $0.50/cwt., lower this week amid limited local and global long steel demand, combined with mostly flat scrap pricing expectations for July and August, even as long steel imports continue to rise, market insiders told SteelOrbis this week.
And while domestic long steel markets have been reporting small price reductions over the past several weeks -primarily the result of increased import pressure on domestic suppliers- insiders caution that a more recent rising in global oil prices brought about as a result of increased geopolitical instability in the Middle East could keep US long steel prices from falling much as markets move into the third quarter. This week alone, the price of global Brent crude oil has increased about 7 percent, rising to more than $100 per barrel (/bbl) on July 23, from about $84/bbl at the beginning off the week.
“Domestic long steel mills like Nucor and CMC are starting to compete more so with each other for available market share,” remarked one US Midwest-based long steel insider, commenting on this week's price action. “Recent employee furloughs at the Liberty Steel wire and rod plant in Illinois indicate to many that demand is just not that great.” He continued, “Rising oil prices are a real concern, though, even though US markets right now are a bit oversupplied.”
As previously reported by SteelOrbis, UK-based steelmaker Liberty Steel has begun placing employees at its Bartonville, Illinois wire and rod plant on temporary furlough as weakening demand in the US industrial wire products market continues to weigh on operations, the company said in media reports.
The company also added that the US market has been affected by increased volumes of unfairly traded imported products, which have added to domestic pricing pressure for producers. A company spokesperson stated that, “like many manufacturers, Liberty Steel periodically adjusts production levels to match customer demand while protecting the long-term health of its business.” Furloughs are expected to last at least two weeks.
On the US Gulf Coast, spot rebar on an FOB mill basis is assessed flat at $46.00-$47.00/nt ($920-940/nt or $1,014-1,036/mt), following last week's $0.50/cwt., price decline from $46.50-47.50/cwt., ($930-950/nt or $1,025-1,047/mt). Insiders said since early July, steady offers of import rebar at $44.50-45.50/cwt., have been exerting increased pressure on US suppliers to reduce price offers. Prices thus far for domestic rebar have declined about $1.00/cwt., or about $20/nt.
“A lot of imports are starting to come in to the US, so there is no current shortage which is keeping prices flat to lower,” the long steel insider added.
Media reports indicate monthly long steel import volumes reached about 2 million short tons during May and June, maintaining competitive pressures on long steel product suppliers.
Unlike other finished steel products like flat rolled steel, rebar imports actually are significantly higher this year than last. Preliminary census data from the US Department of Commerce shows that rebar imports totaled 103,510 metric tons in April, 45.9 percent higher than a month earlier in March and a full 89 percent higher compared with the same period in 2025.
And, while most of the US saw a continuation of steady to lower long steel pricing this week, recent $30/nt ($1.50/cwt.) price increases from Nucor and CMC on western US rebar have largely been accepted by the market, insiders told SteelOrbis.
“The market has accepted the recent rebar price increases in the western US, though (pricing) remains pretty steady this week at the US Gulf Coast and in the Texas markets,” a Gulf Coast long steel insider said.
In the domestic wire rod markets, prices are beginning to be reported at lower weekly price levels, potentially the result of the recent declines in seasonal domestic demand, as evidenced by this week's temporary employee furloughs at Liberty Steel, insiders said. And while trading remains limited, pricing which had held recently at $50.00-51.00/nt ($1,000-1,020/nt or $1,102-1,124/mt), was reported $0.50/cwt., less at $49.50-50.50/cwt., (990-1,010/nt or $1,091-1,113/mt).
Traders said lower domestic wire rod pricing could be forthcoming soon as more imported wire rod supplies become available for export to the US markets primarily at the US Gulf Coast during the third quarter from sellers in Malaysia and Vietnam.
