Despite a lack of official price decrease announcements, US domestic rebar prices have continued their downward slide in the last week. Buyers of both domestic and import rebar are still waiting for prices to bottom out, and while there are indications that import offers might be reaching their lowest point, sources tell SteelOrbis that domestic rebar prices are still “way too inflated.” Some see US rebar prices eventually bottoming out in the low- to mid-$40.00’s cwt. ($881/mt or $800/nt) range, but other sources say it’s too soon to tell where spot prices will land.
This week, US domestic rebar spot prices in the Midwest are trending at $54.50-$55.50 cwt. ($1,202-$1,224/mt or $1,090-$1,110/nt) ex-mill, down $1.00 cwt. ($22/mt or $20/nt) week-on-week. On the East coast, rebar spot prices are now in the range of $55.00-$56.00 cwt. ($1,213-$1,235/mt or $1,100-$1,120/nt) ex-mill, also down $1.00 cwt. from last week. Sources say they expect lower prices next week.