US import rebar and wire rod pricing was reported mostly lower in limited new trade, ahead of this week’s shortened Thanksgiving holiday work week, long steel market insiders told SteelOrbis.
This week’s assessment differs from that reported during the week of November 18, when import long steel prices were reported mostly stable to up slightly as many market participants scrambled to secure most of their supply requirements well ahead of the US Thanksgiving holiday on November 28.
And while prices on the week were mostly lower overall, rebar and wire rod pricing thus far in the fourth quarter remains in a fairly narrow and limited range, as competition from US domestic mills for market share versus imports remains spirited, market insiders said.
“This week, we’re seeing order entries have improved with the US election results helping to boost market confidence,” said one US Gulf Coast long steel market insider to SteelOrbis. “Bringing in imports remains a challenge right now, because overseas supply remains limited, and US mills remain quite competitive on their offers.”
In the weekly import rebar markets, US Gulf Coast rebar on a loaded truck basis is discussed slightly less at $35.75-36.75 cwt. ($715-735/nt or $788-810/mt), versus $36.50-37.50/cwt. ($730-750/nt or $805-827/mt) reported on a delivered to customer basis one week ago. On the US East Coast, imported rebar traded at $36.00-36.50/nt ($720-730/nt or $795-805/mt), off from $36.50-37.50/cwt. ($730-750/nt or $805-827/mt) reported on a delivered to customer basis seven days earlier.
Owing to continued low domestic demand for finished steel, generally stable to slightly lower pricing was also noted in the import wire rod and mesh markets, insiders said, even as US domestic wire rod supply will likely remain reduced through March 2025, as a result of the ongoing Liberty Steel wire and wire rod plant outage. At last report, the unit is expected to remain shut through March 3, 2025. Insiders said the outage has allowed US suppliers more liberty to raise their prices, though import values have yet to change very much because of competition from domestic suppliers.
Imported wire rod mesh on a DDP loaded truck basis US Gulf is discussed slightly less at $37.00/cwt. ($740/nt or $827/mt), versus earlier week-ago trades that averaged $37.50/nt ($827/mt). Import wire rod last traded $37.00-$38.00/cwt. ($740-760/nt or $816-838/mt), unchanged on the week with competition from domestic suppliers limiting new spot transactions, insiders said.
Despite the anticipated wire rod shortfall, many importers say domestic long steel supply still remains a more attractive option versus imports due to a continuation of aggressive domestic mill discounting programs, shorter lead times for local delivery, and reduced geopolitical risk. They add that, owing to low domestic finished steel demand, recent price increase announcements from steel producers CMC and Nucor as well as more recent price increases from several Canadian mills, have had little impact on rebar and wire rod values in weekly spot markets.
“Recent price increases from the mills just have not taken hold in the weekly markets,” one US Gulf Coast steel importer told SteelOrbis. “Some people are still looking for another price increase from Nucor, but others think it’s unlikely to happen because of continued low demand for finished steel.” Nucor’s most recent price increase of $20/nt ($22/mt) on wire rod transactions was announced on November 12, with existing price orders prior to the price increase price protected if shipped by November 30, Nucor said in a letter to its customers.
Import rebar pricing offers from Egypt were reported less on the week following slight increases this past week, with most new trades noted on a delivered to customer basis at $36.50/cwt. ($730/nt or $805/mt). Insiders noted a continued lack of offers from Algeria, owing to competitive domestic pricing, while import offers from Turkey remain noncompetitive at $38/cwt. ($760/nt or $838/mt), market insiders said.
Delivered rebar from Mexico vicinity Houston, Texas, on a loaded truck basis is discussed slightly down on the week at $36.00-$38.00/cwt. ($720-760/nt or $794-838/mt), versus previous assessments one week earlier at $37.00-38.00/nt ($740-760/nt or $816-838/mt). Insiders remain hopeful that pricing could move slightly higher in the near term as a result of improved market sentiment following the US presidential election and the addition of more tariffs on imported steel.