After US scrap prices settled downward as expected earlier this week, sources tell SteelOrbis that US domestic rebar spot prices are “increasingly flexible” depending on the customer. Mills are still reportedly “hungry” for orders, and with the right tonnage, some buyers are getting deals that surpass the $30/mt drop in shredded scrap prices this month.
As such, the general spot price range for US domestic rebar has crept downward this week, with most offers now between $47.00-$48.00 cwt. ($1,036-$1,058/mt or $940-$960/nt) ex-mill, compared to $47.50-$48.50 cwt. ($1,047-$1,069/mt or $950-$970/nt) ex-mill last week. Sources say further downticks are “more than likely” in the coming weeks.