CRU: Longs Prices Continue to Rise, But Downside Pressures Emerging

By CRU Analyst Dave Thewlis, from CRU’s Steel Long Products Monitor

U.S. long product prices continued to surge into the month of February due to ongoing market tightness and strong demand. Imports remain too costly to seriously consider for the majority of buyers, given high international steel prices coupled with costly shipping rates and tariffs. Rebar prices gained another 8% m/m, while LC wire rod prices are up 18% m/m. For the latter, prices have now far surpassed the highest point reached in late 2018. Mill discounts at this point in the current price cycle are either very slim or simply nonexistent.