In the past two weeks, the domestic price of Mexican rebar increased US$35/mt to reach US$635/mt ex-mill after a severe plunge earlier in the month.
Sources tell SteelOrbis that these price fluctuations do not indicate much of a direction. On the one hand, the national construction industry remains virtually stopped in the country, but the announcement of Nucor and Gerdau to raise rebar prices $10/nt in the US domestic market seems to have triggered a speculative bubble.
In the remainder of the year, no major changes to market fundamentals are expected, and prices for rebar in Mexico are predicted to follow the behavior of producers from international partners, according to sources.