It seems inevitable that US domestic rebar prices will decline this month following another scrap downtrend, and while US mills only took transaction prices down by half of June's scrap decrease, sources tell SteelOrbis that because rebar spot prices slid beyond the announced decrease amount last month, mills will be under pressure to drop prices by the full scrap decrease. For now, however, spot prices are steady at $33.00-$34.00 cwt. ($728-$750/mt or $660-$680/nt) ex-mill, and are predicted to stay neutral until scrap prices settle for July.
As for imports, offer prices from both Turkey and Mexico are also unchanged this week. Mexican mills will likely follow the US domestic price trend, which could very well bring Mexican offer prices below $30.00 cwt. ($661/mt or $600/nt)-notably, prices haven't hit that level in almost two years. For now, Mexican import offers are in the range of $30.50-$31.50 cwt. ($672-$694/mt or $610-$630/nt) DDP loaded truck delivered to US border states, while offers from Turkey are in an identical range. Traders tell SteelOrbis that Turkish mills have backed off from higher quotes for the moment, and import offers should stay stable for at least the next week.