While some sources in the US domestic rebar market still think current spot prices are still too high, others point to unchanged spot prices week-over-week as a possible indication that the price bottom is near. US shredded scrap prices are expected to move sideways after four consecutive months of declines, which would bolster US rebar prices when the market returns after the summer slow season, and though import rebar offers are low, booking activity is quiet.
For now, US domestic rebar offers are unchanged in the range of $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) ex-mill in the Midwest, and $50.50-$51.50 cwt. ($1,113-$1,135/mt or $1,010-$1,030/nt) ex-mill on the East coast. While these levels could represent a “new normal” for rebar prices, other sources still contend that US domestic rebar is more likely to settle in the mid-$40’s cwt.