Steel Rebar Prices Trend and Forecast

In Q1 2023, Steel Rebar prices showcased an upward momentum in the US market due to the recovery of the downstream construction sector. Mills were quiet in January, hoping for better domestic scrap market conditions. In mid-Q1, Steel Rebar prices decoupled from raw materials, but producers had little incentive to raise prices despite the possibility of higher production costs. Economic uncertainty, rising interest rates, and slow construction demand continued to hinder the industry, with limited bidding activity. Despite the anticipation of relief from the Infrastructure Investment and Jobs Act, buyers sought lower-priced orders before rising scrap prices impacted mill pricing. Local US market sentiment improved in March, with lower service center stocks and high raw material prices contributing to the rise in completed steel prices. Nucor, Commercial Metals Company, and Gerdau's price hike in March boosted spot pricing, with domestic demand remaining strong due to seasonal construction and funding from the Infrastructure Investment and Jobs Act. Import bookings remained stagnant, with the latest arrivals expected in early summer. Consequently, Steel Rebar (8mm) prices for Ex-US Midwest and CFR Illinois settled at USD 942/MT and USD 890/MT, respectively.

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