Although some in the US domestic rebar market speculated last week that if import offers stabilized or started to bounce back up, the slow downward drift in US rebar prices might stabilize. However, with further downticks in the import market, domestic rebar buyers are convinced that spot prices will continue to tick down. Few are willing to make large order purchases during the annual slow summer season anyway, sources tell SteelOrbis, adding pressure on mills to keep prices low.
This week, US domestic rebar spot prices are down another $1.00 cwt. ($22/mt or $20/nt). Spot prices in the Midwest are now in the range of $52.50-$53.50 cwt. ($1,157-$1,179/mt or $1,050-$1,070/nt) ex-mill, while spot prices on the East coast are now in the range of $53.00-$54.00 cwt. ($1,168-$1,191/mt or $1,060-$1,080/nt) ex-mill.