US steel industry associations are urging the US government to designate steel as an “essential industry,” which would allow mills to continue operations during the coronavirus outbreak, and for now, most US rebar mills are still operating despite a significant drop in orders. As such, offer prices for US domestic rebar have declined week-on-week amid “extreme uncertainty,” and sources predict more decreases on the horizon. “The best we can hope for is a slow downward drift instead of a sharp plunge,” one source said.
US domestic rebar spot prices are now in the range of $30.00-$31.50 cwt. ($600-$630/nt or $661-$694/mt) ex-mill in the Midwest, compared to $31.50-$33.00 cwt. ($630-$660/nt or $694-$728/mt) ex-mill last week. On the East coast, rebar spot prices are now at $30.50-$32.00 cwt. ($610-$640/nt or $672-$705/mt) ex-mill, compared to $32.00-$33.00 cwt. ($640-$660/nt or $705-$728/mt) ex-mill last week.