Although demand is relatively stable in end-use markets, US domestic rebar prices are still vulnerable to deals, sources say, and new headwinds could soon result in widespread softness in the market. In particular, sources note a resurgence of import rebar arriving in the US this month, offering attractive alternatives to domestic material. According to the latest US steel import data, US rebar import permits have reached 79,817 mt so far in March (as of March 19), over double the permit total for February (36,696 mt). While the price spread between US domestic and import rebar is minimal, sources say that like US mills, traders are willing to cut deals—the only difference is position deals are available to small-tonnage buyers.
However, competition from imports has not yet had a substantial impact on US domestic rebar prices, which are steady this week in the range of $35.50-$36.50 cwt. ($710-$730/nt or $783-$805/mt) ex-mill in the Midwest, and $37.00-$38.00 cwt. ($740-$760/nt or $816-$838/mt) ex-mill on the East Coast.