Although demand remains strong and supply remains tight within the US domestic rebar market, spot prices have continued their months-long steady trend. Sources tell SteelOrbis that US long product mills have little incentive to increase capacity for rebar when better margins are available on other products such as merchant bar. And while the situation has led to an increase in inquiries and orders for rebar imports, sources say mills are not considering import competition—yet, at least—in their pricing decisions.
However, if import rebar offers continue to dwindle downward and it appears that buyers are flocking to the import market in droves, source believe mills will be more open to deals. Until then, US rebar prices are not expected to rise, but to continue their steady trend.
For now, US domestic rebar spot prices remain unchanged week-on-week at $51.00-$53.00 cwt. ($1,124-$1,168/mt or $1,020-$1,060/nt) ex-mill in the Midwest, and $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) on the East coast.