Although US domestic scrap prices are not settled for May, the expectation of another price decrease for shredded scrap has left US domestic rebar prices vulnerable. Sources tell SteelOrbis that buyers are already able to secure deals with rebar mills, enough to drag down the overall spot price ranges.
This week, US domestic rebar spot prices are in the range of $35.00-$36.00 cwt. ($700-$720/nt or $772-$794/mt) ex-mill in the Midwest, and $36.50-$37.50 cwt. ($730-$750/nt or $805-$827/mt) ex-mill on the East Coast, both regions reflecting a $0.50 cwt. ($10/nt or $11/mt) price drop week-on-week. Going forward, sources are unsure if mills will issue a formal price decrease for rebar, as they did this week with merchant bar and beams. If they do, sources peg a “likely” decrease amount at $1.00 cwt. ($20/nt or $22/mt).