Sources tell SteelOrbis that US domestic rebar spot prices will “inevitably” start declining in the near term as the market prepares for an imminent scrap price decline. While demand for rebar in the US is steady, it’s not reportedly strong enough to prevent prices from coming down. Some sources say US rebar prices are still too high from a historical standpoint, and think there is “plenty of room” for prices to come down while leaving mills profitable.
Until then, sources say larger customers are already seeing deals, and attempts by mills to keep prices firm for smaller customers are weakening. For now, US domestic rebar spot prices are overall unchanged week-on-week, at $47.50-$48.50 cwt. ($1,047-$1,069/mt or $950-$970/nt) ex-mill in the Midwest and East coast.