More US cities are expected to shut down construction projects after Boston announced a city-wide halt and New York and California have issues state-wide “remain at home” orders. As such, rebar demand in the US is projected to plunge in the near-term, along with rebar prices. With steel mills still remaining open—for now—most US rebar buyers are turning to domestic mills for any remaining rebar needs, and as such, demand for import rebar is “almost nonexistent.”
The last-heard offers for US import rebar were reported at $29.50-$30.50 cwt. ($650-$672/mt or $590-$610/nt) DDP loaded truck at US Gulf ports from Turkey, $30.00-$31.00 cwt. ($661-$683/mt or $600-$620/nt) DDP loaded truck at US Gulf ports from Spain, and $30.00-$31.50 cwt. ($661-$694/mt or $600-$630/nt) DDP Houston, from Mexico, depending on the producer.
Sources tell SteelOrbis that offers have gone quiet not only due to reduced activity in the US, but closures in Europe as well.