US rebar: Domestic range widens

US rebar prices rose this week as the range widened, while import prices were steady.

The Argus rebar ex-works Midwest was assessed at $900-960/short tons (st), while rebar import ddp Houston was unchanged at $850/st.

Demand for domestic rebar remains strong and wide margins to raw materials have so far led to producers not widely raising prices. Rebar is expected to remain rangebound in the near-term as scrap is currently forecast to go sideways in February, reducing support to rebar prices. One market participant posited that rebar will settle in the price range that's currently seen.

Offers for imported rebar in March and April were again heard at $820/st, while larger spot tonnages were heard at $840/st.