US rebar markets moved sharply lower this week, amid flagging demand from the US construction sector and bulging mill inventories, market insiders told SteelOrbis this week.
Prices on the US East coast slumped nearly 10.6 percent to $36.00-$40.00 cwt ($794-$882/mt or $720-$800/nt) versus earlier assessments at $42.00-$43.00 cwt. ($926-$948/mt or $840-$860/nt) ex-mill. US Midwest domestic rebar spot prices slid to $38.00-$41.00 cwt ($838-$904/mt or $760-$820/nt) from previous assessments at $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt) ex-mill.
“Markets have been moving steadily lower because we have had largely no spring construction season,” said one SteelOrbis market insider.
SteelOrbis contacts added that mills were also motivated to lower prices on unexpected order cancellations as import prices “off the pier” slumped to $36.50-$40.50 cwt ($805-$893/mt or $730-$810/nt). “Import rebar is in off the pier at (sharply lower prices), so mills reduced prices as some pre-sold inventories got canceled or shifted.”