US rebar prices continue to hold firm as construction bounces back from historic losses in employment and spending for the industry over the past few months, Kallanish reports.

A Northeast distributor currently places rebar in the $590-600/short ton range.

"We're seeing markets opening back up and demand returning slowly, but I believe it will take a while for any increased demand to be reflected in the price," he says.

This price range is confirmed by a second distributor, who voices a similar sentiment.

"At the beginning, the pandemic caused a lot of uncertainty and prices to falter slightly. We're now seeing more stability in demand, but I don't see any changes in price for the foreseeable future," he says.

In early May, rebar prices dropped slightly by $10/short ton due to uncertainty caused by the Covid-19 pandemic. However, the market recovered quickly with prices increasing to prior levels after two weeks.

As a result, Kallanish maintained its price assessment Tuesday for #4 product in 20-foot sticks at $590-600/st. All prices are ex-works, domestic mill.