Although US domestic rebar mills hoped to obtain the remainder of their $2.50 cwt. ($55/mt or $50/nt) March price increase by next month, early predictions of another scrap price decrease in May has left buyers increasingly resistant to high price quotes.
Sources tell SteelOrbis that mills are even finding trouble holding to current price levels, and if US domestic scrap prices drop dramatically next month, there is a “decent chance” rebar spot prices could even move downward.
For now, US domestic rebar spot prices are unchanged week-on-week at $47.50-$48.50 cwt. ($1,047-$1,069/mt or $950-$970/nt) ex-mill in the Midwest and East coast, but sources say fewer transactions are taking place at the upper end of the range.