While last week’s price increase for US domestic rebar has already absorbed into the market with little to no resistance, sources tell SteelOrbis that some US rebar mills are being “cagey” about new offers, holding back on filling up order books until gaining further clarity in the Section 232 investigation.
Late last week, the US DOC publicly released its Section 232 recommendations, with remedy options including steep, widespread tariffs or quotas. While the Trump administration has until April 11 to issue a final decision in the investigation, the recommendations alone reportedly sent “shockwaves of glee” throughout the producer side of the US steel industry. Sources say US rebar mills are eager to take advantage of the import uncertainty, which one source characterized as a “gift from the White House to US mills.” Many predict another round of rebar price increases in the near-term, adding to last week’s $1.25 cwt ($25/nt or $28/mt) price bump.
However, other sources still contend that large US rebar distributors are receiving preferential deals that are not available to smaller distributors and fabricators. But on the whole, official US domestic rebar spot prices are still in the same range as last week: $37.50-$38.50 cwt. ($750-$770/nt or $827-$849/mt) ex-mill.