After US domestic shredded scrap prices declined by $30-$35/mt last week (depending on regional supply levels), sources predicted that US domestic rebar prices would “unofficially” start to decline as early as this week. As expected, rebar spot prices are down $0.50 cwt. ($10/nt r $11/mt) this week, and sources tell SteelOrbis that price downticks are “just beginning.”
US domestic rebar spot prices are now in the range of $34.40-$35.50 cwt. ($690-$710/nt or $761-$783/mt) ex-mill in the Midwest, and $36.00-$37.00 cwt. ($720-$740/nt or $794-$816/mt) ex-mill on the East Coast. Sources expect more drops in prices as soon as later this week.