Purchasing activity within the US domestic rebar market is currently light as buyers wait for prices to hit bottom, which has resulted in increased flexibility with mill eager to fill order books before the annual slow summer season takes hold. Additionally, predictions for the US scrap market for July are not pointing toward an uptrend that could bolster current rebar spot prices, and import offers are still “incredibly competitive” despite Section 232 tariffs, according to sources.
As such, spot prices for US domestic rebar have dropped again this week. Prices in the Midwest are now around $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill, reflecting a decrease of $0.50 cwt. ($10/nt or $11/mt) on the low end and $0.25 cwt. ($5/nt or $5.50/mt) on the high end of last week’s range. US domestic rebar spot prices on the East coast are now at $33.50-$34.50 cwt. ($670-$690/nt or $739-$761/mt) ex-mill, reflecting a $0.50 cwt. ($10/nt or $11/mt) decrease on both the low and high end of last week’s range.