After experiencing an unbroken trend of increases and plateaus since September 2020, sources say US domestic rebar might be poised to retreat if US scrap prices plunge as much as expected this month. However, sources say that if scrap prices drop by up to $80/ton as expected, US rebar mills might not necessarily announce a price decrease, but they might be willing to make quiet deals with most buyers.
Already, while the average spot price ranges for US rebar have held steady week-on-week, there have been offers heard at slightly below. Currently, most domestic rebar offers are still trending at $60.50-$61.50 cwt. ($1,334-$1,356/mt or $1,210-$1,230/nt) ex-mill in the Midwest, and $59.50-$60.50 cwt. ($1,312-$1,334/mt or $1,190-$1,210/nt) ex-mill on the East coast. However, some deals have been heard as low as $58.00 cwt. ($1,279/mt or $1,160/nt) ex-mill.