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.