While sources within the US domestic rebar market expect demand to pick up after Labor Day marks the official end of the summer slow period, buying activity remains “steady but not robust” this week. US rebar mills are still reportedly “flexible” with spot prices, and sources report the high end of the range has eroded by $0.50 cwt. ($10/nt or $11/mt) to $41.50 cwt. ($830/nt or $915/mt) ex-mill, after SteelOrbis reported last week that “few if any” small to medium-sized buyers were booking at $42.00 cwt. ($840/nt or $926/mt) ex-mill. Spot prices for large buyers remain around the level of $39.00 cwt. ($780/nt or $860/mt) ex-mill.
However, sources do not expect prices to drag down any further in the coming weeks, as some US rebar mills are reportedly limiting the tons allowed in their rollings as a way to keep prices in check. And with the expected boost in demand in late Q3/early Q4, some sources still believe an official price increase could be on the horizon.