Domestic rebar offers haven’t moved in the last week, still reflecting a neutral trend that might slip downward if weather conditions continue to undermine demand. Scrap pricing has remained solid, and will not likely influence rebar pricing negatively in the near future.
Most domestic rebar offers remain in the range of approximately $27.00 cwt. to $27.50 cwt. ($595/mt to $606/mt or $540/nt to $550/nt) ex-mill, although transaction prices are more erratic; many distributors bought material prior to the January and February increases, and the cost of that inventory is significantly lower than current replacement value. While rebar and other concrete reinforcing products had been moving steadily for the last several months, winter halted the upward pricing momentum. As long as the ground is covered with several feet of snow in many areas of the US, and until fabricators are able to build up a decent backlog, rebar prices are likely to retreat soon.
Although they went down slightly last week, import rebar offers have also remained the same since last week, with Mexican offers still ranging from $25.50 cwt. to $26.50 cwt. ($562/mt to $584/mt or $510/nt to $530/nt) delivered to US border states. Meanwhile, Turkish offers for rebar are hovering in the $25.50 cwt. to $26.50 cwt. range ($562/mt to $584/mt or $510/nt to $530/nt) duty paid loaded truck in US Gulf ports. Current levels are expected to be maintained for the short term.
