After a softening in prices over the last month due to seasonal factors, Canadian domestic rebar offers are set to rise again, sources tell SteelOrbis. Another contributor to the decline in rebar prices was a slight supply overhang as Canadian rebar mills brought on additional capacity to service certain parts of the market, although they have reportedly had some difficulties filling order books.
Sources say that difficulty has eased enough to allow rebar prices to increase, but some sources warn that the uptrend could be short-lived. While demand is expected to increase as the weather improves, the uncertainty regarding imports is also keeping prices high. As soon as clarity is restored to the import market—including the ratification of the USMCA trade deal and the final decision regarding safeguard tariffs—sources say Canadian rebar mills will no longer be able to set prices “based on fear instead of actual demand” and the market will settle accordingly.
Canadian domestic rebar prices are currently down by CAD 50/mt ($31-32/mt) as compared to price levels shared in SteelOrbis’ January report. On the West Coast, prices dropped to around CAD 975-1,075/mt ($740-$816/mt) ex-mill, while prices on the East Coast were heard as low as CAD 900-950/mt ($683-$721/mt) ex-mill, and prices in the Prairie regions dropped to CAD 950-1,000 ($721-$759/mt) ex-mill. However, sources say prices are just starting to rebound from those levels.
USD = CAD 1.32 (February 26)