Although US domestic rebar prices are still trending in the same general ranges as last week, sources say the stability won’t last long, seeing possible higher prices ahead. Some sources still contend that US rebar prices are still “historically high” and though demand is strong and scrap prices are trending up, buyers are predicted to push back if mills “try for $50.00 cwt. ($1,102/mt or $1,000/nt) again too soon.”
However, others point to the optimistic demand forecast for rebar this year, explained in detail by the Associated General Contractors of America’s chief economist, Ken Simonson, at SteelOrbis’ 14th annual Rebar & Wire Rod conference in Las Vegas earlier this week. While residential construction demand is forecasted to be tepid, the more steel-intensive infrastructure demand will rise once projects funded by 2021’s infrastructure bill start to break ground.
Under this forecast, sources say rebar prices “will have nowhere to go but up,” but for now they are unchanged week-on-week 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.