US domestic rebar spot prices declined again this week, by only $0.50 cwt. ($11/mt or $10/nt), which has led some sources to speculate whether the price bottom is near. With lower scrap prices this month and import offers remaining attractive, US rebar prices are still under pressure and most sources don’t expect the situation to change this month. However, many are pointing to September as a possible opportunity for prices to stabilize or even rise with expected higher demand.
For now, US domestic rebar spot prices are down week-on-week, at $50.00-$51.00 cwt. ($1,102-$1,124/mt or $1,000-$1,020/nt) ex-mill in the Midwest and $51.50-$52.50 cwt. ($1,135-$1,157/mt or $1,030-$1,050/nt) ex-mill on the East Coast.