US rebar: Prices remain steady

US and imported rebar prices remained steady this week.

Rebar ex-works Midwest was assessed at $950-970/st, while rebar import ddp Houston was assessed at $920/st.

Domestic demand remains robust as seasonal construction begins to ramp up and funding from the Infrastructure Investment and Jobs Act continues to make its way to end users. A further rebar price increase is expected in the coming weeks, as US mills see little competition for import markets.

Any downward movement in import prices could shift some market appetite toward imported tonnages should domestic steelmakers price the spread too wide. Early discussions on domestic scrap prices have also leaned toward a sideways April settle, which would erode support for any further increases on rebar prices.

Import bookings remained stagnant, with the latest booked tonnages heard to be arriving in early summer. Turkey remains priced out of the US import market as it works to recover from the early February earthquake, while Mexican rebar continues to be priced at a premium to US-produced material. A market participant suggested that already-weak global long product prices could see further erosion and re-widen the spread between import and domestic.

Offers for imported spot material at Houston were heard between $850-930/st.