Declining market activity due to the ongoing Covid-19 pandemic and competitively priced imports worked in tandem to lower steel reinforcing bar prices in the United States, market participants said.
Fastmarkets' price assessment for steel reinforcing bar (rebar), fob mill US narrowed lower to $29-29.50 per hundredweight ($580-590 per short ton) on Wednesday May 6, down from $29-30 per cwt previously and down by 15.8% from $34.25-35.25 per cwt one year ago."Covid has eclipsed what was shaping out to be a decent year," according to one mill source. "The...