Domestic demand for rebar is expected to surge starting next year once projects funded by the recently-passed infrastructure bill start to kick off, but for now the news has infused the market with long-term optimism. However, sources do not predict an immediate effect on the US rebar market, as prices are currently too high to spur inventory build-ups in anticipation of spring.
However, some sources are reporting that the most recent US rebar mill price increase is not finding universal acceptance. Distributors are reportedly pushing back somewhat, leaving most new transactions taking place in the mid- to low-end of the current spot price range. Added pressure from the US-EU tariff-rate quota deal is also keeping US rebar prices in check, sources say.
As such, current US domestic rebar spot prices are unchanged week-on-week in the range of $53.00-$55.00 cwt. ($1,168-$1,213/mt or $1,060-$1,100/nt) ex-mill in the Midwest, and $52.00-$54.00 cwt. ($1,146-$1,191/mt or $1,040-$1,080/nt) ex-mill on the East coast.