A break in the import rebar downtrend and upcoming holiday weekend has resulted in stability in the US domestic rebar market this week, with spot prices still in the general range of $27.50-$31.00 cwt. ($550-$640/nt or $606-$684/mt) ex-mill. Sources tell SteelOrbis that the range is flexible, with some outlier deals still falling slightly beneath the low end and fewer transactions taking place on the high end.
With scrap prices expected to remain soft in July, the current flexibility in the US rebar market will likely continue in the near-term. But some factors “around the corner” could soon make an impact, according to sources, including the emergence of Vietnam in the rebar import market. Although lead times to Gulf ports are almost double that of Turkish shipments, early price indications hint that the wait might be worth it.