NEW YORK Domestic mills reinforcing bar prices have remained flat overall and demand continues to disappoint, with buyers anticipating no immediate price increases.
There has been no rise in prices as a result of anti-dumping duty investigations under way against Turkey and Mexico, and a countervailing duty investigation against Turkish product (amm.com, Sept. 26), with rebar buyers continuing to bring in foreign material before duties potentially take effect.
However, one rebar buyer said a shipment of the product from Turkey slated for December had been canceled for fear of duties being imposed.
Rebar buyers are purchasing material at around $645 per ton ($32.25 per hundredweight), although lower prices have been reported in the South. There are also rumors of some discounting, depending on region and mill.
Meanwhile, a couple of mills have reportedly raised prices on certain sizes.
Mills have been wary of raising prices for fear of losing more market share, and equally so of lowering prices with margins so thin.
"You dont want to go down any further because your metal spread is crushed," one mill source said. "And if you raise prices, thats great, but the 20 percent of the market the Turks and Mexicans already have, thats going to get bigger."
Demand has been soft despite an expectation that the season would end with increased business.
"Typically, this is your busy time of year. But the markets kind of been lagging, and its not just price. Weve got work, but people arent taking it as fast as Id like," one rebar fabricator said.