Expectations for US domestic rebar prices this month pointed to continued vulnerability, especially as US domestic scrap prices were predicted to drop again. But after shredded scrap prices declined last week by as much as $40/mt depending on the region, surpassing initial estimates, sources tell SteelOrbis that US rebar buyers are in an “advantageous position” and mill willingness to cut deals is becoming more widespread.
This week, US domestic rebar spot prices have dropped by about $0.50 cwt. ($10/nt or $11/mt) on average, with further downticks expected. US rebar prices in the Midwest are now trending at $32.00-$33.00 cwt. ($640-$660/nt or $705-$728/mt) ex-mill, while rebar offers on the East Coast are now in the range of $32.50-$33.50 cwt. ($650-$670/nt or $717-$739/mt) ex-mill.
Sources tell SteelOrbis that the only “bright spot” in the US domestic rebar market is a general disinterest in imports for the time being, as import offers are expected to decline further and buyers are waiting for hints of a price bottom before booking large orders.