US rebar buyers are still largely sticking with domestic material for their needs, opting against imports with the exception of already-arrived positions at US ports. However, relatively stable demand from construction is the “only thing keeping US rebar prices afloat,” sources say, and there are indications that the construction sector could soon feel the impact of surging Covid-19 cases in the US.
Despite reports of construction job gains in June compared to May, a report from the Associated General Contractors of America (AGC) noted that the government data was a “snapshot” of the sector in mid-June, and construction employment likely topped out at the point. The AGC report said that project cancellations and job losses could soon get worse.
For now, demand for rebar is sufficient to keep US domestic spot prices level, although some outlier deals beneath the average range have been reported. US domestic rebar spot prices are still at $29.50-$30.50 cwt. ($650-$672/mt or $590-$610/nt) ex-mill in the Midwest and $29.00-$30.00 cwt. ($639-$661/mt or $580-$600/nt) ex-mill on the East coast this week.