Sources tell SteelOrbis that while they still do not expect US domestic rebar mills to announce an official price decrease, spot prices are continuing to soften at an accelerated pace due to quiet demand and ample inventory levels. However, some sources speculate that rebar spot prices are “nearing the bottom,” although that bottom will likely reflect a price range far above pre-pandemic levels; in January 2020, US domestic rebar spot prices were averaging at $32.50-$33.50 cwt. ($717-$739/mt or ($650-$670/nt) ex-mill.
This week, US domestic rebar spot prices are trending at $55.50-$56.50 cwt. ($1,224-$1,246/nt or $1,110-$1,130/nt) ex-mill in the Midwest, down $1.50 cwt. ($33/mt or $30/nt) since last week. On the East coast, rebar spot prices are now at $56.00-$57.00 cwt. ($1,235-$1,257/mt or $1,120-$1,140/nt) ex-mill, down $2.00 cwt. ($44/mt or $40/nt) in the last week.