While U.S. rebar has remained stable over the past week, the gap between local and imported rebar has narrowed.
Midwest factory rebar stood at $900-920 from last week, while ddp Houston rebar imports increased from $860-880 to $880-920.
Domestic rebar demand showed signs of softening this week. Lead times were heard to be shortened. While the market was rumored to have a price increase in the coming weeks, a major manufacturer offered lower prices to some customers.
Already low construction demand is being further suppressed by increasing interest rates and economic uncertainty. The relief expected by the Infrastructure Investment and Employment Act has not yet materialized, and one market participant said there were no signs of increased demand in tenders at this time.
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