Posted on 11 Apr 2022
US domestic rebar prices were assessed higher this week, continuing an upward trend caused by inflationary sentiment and difficulty sourcing raw materials.
The Argus rebar ex-works Midwest price was assessed at $1,110-1,300/short ton, reflecting stronger demand than this time last year, despite record-high prices.
Imported rebar ddp Houston was assessed at $1,340-1,350/st as overseas production continued to be hampered by supply chain disruptions in Europe.
Formal price increases expected by market participants failed to materialize this week as the scrap trade settled flat-to-down in April for obsolete grades. A market participant posited the possibility of a lower price increase than previously expected.
West coast rebar fabricator Pacific Steel announced the construction of a new 380,000st/yr hybrid micro mill in southern California expected to come on line by early 2025. The announcement comes as Pacific is embroiled in a legal dispute with long steelmaker Commercial Metals (CMC) over a non-compete agreement CMC allegedly made with Italian micro mill producer Danieli.
Nucor on Thursday announced North Carolina as the site of its 430,000st/yr third US micro mill, increasing its presence in the east coast market. The mill is expected to be completed in late 2024/early 2025.
Source:Argus Media
