Although demand within the US domestic rebar market is reportedly steady this week, ordering activity has snagged as buyers work through inventory and turn to the abundance of already-arrived imports available at US ports. As such, buyers continue to resist higher prices from US domestic rebar mills, dragging down the general spot price range on both the low and high ends.
This week, SteelOrbis has heard of several transactions concluded at a low of $36.00 cwt. ($720/nt or $794/mt) ex-mill. Sources have also reported deals as low as $35.00 cwt. ($700/nt or $772/mt) ex-mill, although other sources report that those could be outlier deals. On the high end of the spot price range, small customers are reportedly paying a maximum of $39.00 cwt. ($780/nt or $960/mt) ex-mill.
Looking ahead, sources say US domestic rebar prices will not likely drop further, and while some still contend that mills are eager to issue one last price increase before the end of the year, others say the only thing that will “move the needle” in US rebar prices is a change to the tariff situation.