Now that it seems US domestic shredded scrap prices will decline this month, sources tell SteelOrbis that US rebar prices have softened slightly as a result. Many in the market expect mills to continue offering deals, although no official price decrease announcement is expected.
For now, US domestic rebar spot prices are now trending at $48.50-$49.50 cwt. ($1,069-$1,091/mt or $970-$990/nt) ex-mill in the Midwest, while spot offers are now at $50.00-$51.00 cwt. ($1,102-$1,124/mt or $1,000-$1,020/nt) ex-mill on the East coast. Both ranges reflect a decrease of $0.50 cwt. ($11/mt or $10/nt) in the last week.