Predictions of a sideways trend for US shredded scrap prices next month have led to more expectations of stability within the US domestic rebar market. However, sources tell SteelOrbis that prices are still vulnerable to deals, and transactions have been heard taking place at up to $1.00 cwt. ($22/mt or $20/nt) below the bottom end of the current spot price ranges.
For now, most US rebar spot prices are still falling the ranges of $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) ex-mill in the Midwest, and $50.50-$51.50 cwt. ($1,113-$1,135/mt or $1,010-$1,030/nt) ex-mill on the East coast, but deals are reportedly available. In the short-term, sources expect continued softness, but as the market as a whole returns in September after the summer slow season, some sources predict US rebar mills will be less willing to negotiate downward.