The US domestic rebar market was “behind the curve” when import offers started to surge in early March, and sources say US mills are chasing the trend once again now that import prices are plunging. Even last week when Turkish rebar prices had already hit their peak and started to fall, deals were largely unavailable in the US domestic market. This week, however, is a different story.
Sources tell SteelOrbis that domestic mills are “cutting deals left and right” in a reaction to both lower import offers and early predictions of a sideways to down trend for scrap prices in June. While no one expects mills to announce any sort of official decrease, a slow erosion on the top end of the spot range is expected to continue along with the import trend.