NEW YORK U.S. concrete reinforcing bar market participants are waiting for domestic buying activity to pick up in April, when the weather is expected to improve and bring an increase in demand from the construction sector, market sources told AMM.
The rebar market was quiet during the first three months of the year due to cold weather conditions that slowed down construction activity and kept domestic prices steady for several weeks (amm.com, March 14).
AMMs spot transaction price for Grade 60, No. 5 rebar remain unchanged at $34.50 per hundredweight ($690 per ton) f.o.b Midwest mill.
Nothing has changed. The rebar price is still stable. There has been pent-up demand from the several months of cold weather, one buyer in the Midwest said. The rebar market is expected to pick up in a few weeks, as its expected to get warmer and result in more construction activity.
Market participants told AMM that demand has been slow for several months but is expected to improve in April.
Earlier this month AMMs Chicago consumer buying price for shredded automotive scrap, the raw material input for rebar, fell $20 per gross ton to $388 per ton (amm.com, March 7).
Spot transaction prices for rebar have remained steady as mills have resisted downward pressure from recent falls in ferrous scrap tags.