Sentiment is mixed regarding whether US rebar mills will announce a price increase in the near-term, but even in the absence of a formal increase, US rebar prices are strong, according to sources. Mills are reportedly less amenable to deals, and the general consensus is that US rebar prices will eventually tick upward, but will most likely not fall unless something “major” shakes up the market.
The one factor that might temper any upward trend for rebar, sources say, is the increasing interest in booking imports. While booking activity has been sluggish so far in the new year, now that it seems “almost certain” that import offers will stay comfortably below domestic offers for the “foreseeable future,” there is less hesitancy to book large import tonnages. However, some buyers are still holding off on imports until inland transportation rates, particularly barge transportation, start to cool off.
For now, US domestic rebar spot prices are continuing to trend neutral, at $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt) ex-mill in the Midwest, and $47.00-$48.00 cwt. ($1,036-$1,058/mt or $940-$960/nt) ex-mill on the East coast, both unchanged week-on-week.