Although many sources contend that US domestic rebar prices have hit bottom, others say there might still be room to drop due to tepid demand and attractive deals for already-arrived import rebar at some US ports. And while expectations persist for an uptrend in US domestic scrap prices next month, sources say that it might not be enough to support higher rebar prices if other market factors, such as demand, don’t change.
For now, US domestic rebar spot prices have generally not changed in the last week in the Midwest, although the price trend on the East coast is reportedly weaker. US Midwest rebar spot prices are still at $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill in the Midwest. However, sources report deals on the East coast below the bottom end of last week’s range of $33.50-$34.50 cwt. ($670-$690/nt or $739-$761/mt) ex-mill.