While buyers within the US domestic rebar market do not foresee a price increase “anytime this summer” despite steady demand, sources report deals for large tonnages or preferred customers are “drying up.”
US rebar spot prices are steady week-on-week at $29.50-$30.50 cwt. ($650-$672/mt or $590-$610/nt) ex-mill in the Midwest and $29.00-$30.00 cwt. ($639-$661/mt or $580-$600/nt) ex-mill on the East coast. Sources tell SteelOrbis that current offers are not likely to decrease, even if US domestic scrap prices remain steady or drop slightly in July, according to early expectations.
As for imports, sources report offer prices are starting to show a firming trend for future arrivals. US import rebar offers from Turkey are now at $28.00-$29.00 cwt. ($617-$639/mt or $560-$580/nt) DDP loaded truck at US Gulf ports, while offers from Mexico are now at $28.50-$29.50 cwt. ($628-$650/mt or $570-$590/nt) DDP Houston. Both import offers are up $0.50 cwt. ($11/mt or $10/nt) week-on-week.