Significantly lower import rebar offers this week have placed more pressure on US domestic rebar prices, and combined with solid predictions of another scrap price downtrend this month, sources tell SteelOrbis that the gradual downtick in US rebar prices is “nowhere near done.”
However, while sources believe import prices are currently serving as “substantial leverage” in buyer negotiations with US mills, they don’t believe mills will chase prices below the high $40’s cwt. level, at least in the near-term.
For this week, US domestic rebar spot prices are down another $1.00 cwt. ($22/mt or $20/nt), bringing offers into the range of $50.50-$51.50 cwt. ($1,113-$1,135/mt or $1,010-$1,030/nt) ex-mill in the Midwest, and $52.00-$53.00 cwt. ($1,146-$1,168/mt or $1,040-$1,060/nt) ex-mill on the East coast.