US rebar: Prices flat

US and imported rebar prices were mostly flat this week.

Rebar ex-works Midwest was assessed flat at $950-970/st, while rebar import ddp Houston was assessed at a wider range of $910-930/st from $920/st the week before.

Domestic demand remained steady, with many in the market waiting for the next rebar price increase, which is expected in the next few weeks.

At the same time, global pricing is expected to be put under increasing pressure as some doubt whether China can return to the commodities market in a way that consumes large amounts of steel and rebar.

Scrap prices to Turkey are down more than $20/metric tonne (t) in the last few weeks, putting downward pressure on US obsolete scrap prices.

The current outlook on domestic obsolete scrap prices are mixed for April, with most expecting flat-to-down obsolete prices, while prime grades of scrap could hold onto nominal gains.