Although the US domestic and import rebar markets are reportedly quiet this week due to the Independence Day holiday, sources expect shifts in price levels once markets resume. US domestic rebar mills are expected to be more amenable to deals now that the US DOC is investigating them for “illegitimate profiteering,” and while an official price decrease announcement is not likely, dealmaking should resume for both large and small/medium-sized buyers. Until then, US domestic rebar spot prices are level this week in the wide range of $39.50-$42.50 cwt. ($790-$850/nt or $871-$937/mt) ex-mill.
As for the import market, traders report quiet activity due to the holiday, and last heard offers for imported rebar in the US domestic market from Turkey are still as low as $38.00 cwt. ($760/nt or $838/mt) DDP loaded truck at US Gulf ports. With such a narrow spread between import offers and the lowest US domestic spot prices, sources say bookings might remain at low levels in the near-term.