US rebar: Prices steady in muted market

Market: Metals
21/07/23

US and imported rebar remained steady this week amid a muted market.

Rebar ex-works Midwest remained at $890-910/short ton (st),while rebar import ddp Houston was assessed unchanged at $840-870/st.

Summer travel hampered activity this week while the market remains pressured by weak demand and low import offers. Demand boosters, such as the Infrastructure Investments and Jobs Act, have not materialized, and it appears that there is little on the horizon that could improve demand.

Market participants posited that domestic steelmakers could be lowering offers to be competitive with import offers that are reflective of the wider global market, which has begun to decline recently.

The Turkish market was similarly muted this week as domestic demand was subdued and market participants await the impact of a smaller-than-expected interest rate hike.

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