Although last week sources told SteelOrbis that US domestic rebar mills were looking to set a price floor on rebar prices, after offering extensive foreign fighter deals recently. However, after US domestic scrap prices settled much lower than expected (down $60/gt for shredded in the Midwest), US rebar spot prices have dropped and any hopes for a price floor have been wiped out.
So far, US domestic rebar spot prices are being heard up to $1.50 cwt. ($33/mt or $30/nt) lower than last week’s quotes, with prices now ranging from $44.50-$45.50 cwt. ($981-$1,003/mt or $890-$910/nt) ex-mill. Sources say further weekly downticks are expected, especially if early scrap predictions for July start to point downward again.