US domestic rebar and wire rod prices were steady to higher this week amid reports of improving long steel demand, even as available supply remains thin as a result of ongoing spring maintenance operations and low, tariff-reduced imports, market insiders told SteelOrbis.
Recent reports made available to SteelOrbis indicate a minimum of 28 days of combined rebar and wire rod production are scheduled to be offline during March-April maintenance operations lasting from 2-7 days.
And, even as maintenance continues to trim available local supplies, the continued slow ramp up of output from several new long steel mills in the US South and Southeast recently has resulted in continued reports of increased spot availability, insiders said.
“Spot availability continues to get better,” remarked one US Coast rebar dealer. “We’re starting to see some cheap rebar from Hybar being made available on the US East Coast.”
“Eastern domestic rebar markets are holding steady, commented another US Gulf Coast long steel insider. “Demand is gradually improving with lead times estimated for new production at 4-6 weeks.”
In the domestic rebar market, Midwest rebar on an FOB mill basis sold on average $46.00-47.00/cwt., ($920-940/nt or $1,014-1,036/mt), once again stable to week-earlier levels, though still off $0.50/cwt., from three weeks earlier, when reports of boosted output from Nucor, Lexington, as well as Hybar Steel in Arkansas resulted in lower weekly assessments as supply was reported more plentiful.
Insiders add that flat to higher ferrous scrap pricing for May also is keeping a floor beneath domestic finished steel prices.
“While May scrap is looking flat for cuts and shred, and prime scrap is seen $10/gt higher, overall, pricing in weekly rebar markets remains pretty stable on the domestic side,” said another US Midwest long steel insider. “Wire rod, on the other hand, is more tight than rebar now because some local producers have had some production issues.”
The Midwest insider continued. “Recent outages with Liberty Steel in Illinois, and Rocky Mount Steel in Colorado have been resolved, though the market remains very tight with maintenance and a lack of imports. Anytime there is a (domestic) outage of any type, things are going to get messy from a pricing stand point.”
In the domestic wire rod markets, weekly prices rose $1.00/cwt ($20/nt or $22/mt) on an ex-mill basis to on average $50.00-51.00/cwt., ($1,000-1,020/nt or $1,102-1,124/mt), up from $49.00-50.00/cwt., ($980-1,000/nt or $1,080-1,102/mt), a price level that had remained unchanged for six weeks, SteelOrbis data shows.
“Wire rod continues to outperform other long products, with tight supply and solid demand creating a firm to rising outlook,” the Gulf Coast insider added.
Wire rod lead times for new production are estimated at 5-8 weeks for contract deliveries, while spot supply is estimated at 8-12 weeks, insiders told SteelOrbis.
In addition to stable to higher scrap for May delivery, market contacts said the expectation for a continuation of higher energy prices will also remain supportive near term.
“We’ve seen some local steel deliveries in Texas sold on a delivered basis $150.00-200.00 per load higher as a result of recent fuel surcharges,” said one US Gulf Coast insider. “Inventories are down locally, and transportation costs are way up.”
Recently, increases in global oil prices caused US freight and transportation surcharges on spot steel deliveries as well as building materials to rise, some say as much as 20-30 percent. SteelOrbis market insiders claimed higher diesel pricing alone was expected to boost US delivered finished steel prices by at least $0.50-$1.00 a ton.
As the US blockade of shipping through the Strait of Hormuz continues, the Washington, DC-based US Energy Information Administration reports that the US national average diesel price was steady to week-earlier levels on April 29 at $5.61 per gallon (/gal), though off from $5.64/gal from two weeks prior. And, though fairly steady this week, diesel fuel remains up significantly from one year ago, when the national average price was reported at $3.64/gal. West Texas Intermediate crude oil -the US benchmark oil grade- traded as high as $108 per barrel on April 29, up from $92-94/bbl one week ago.
Flat steel market insiders told SteelOrbis this week that recent hot-rolled coil futures prices for June, July and August, on the New York Mercantile Exchange in excess of $1,100/nt indicate many market watchers think finished steel pricing will remain robust well into the third quarter of 2026.