US domestic rebar prices are still soft this week, and while the downticks in spot prices are still modest, sources tell SteelOrbis that the slow downward drift will likely continue in the near-term unless something shakes up the market, like a significant increase in scrap prices. Low import rebar offers are not having too much of an effect on domestic rebar prices, sources say, as buyers weigh low prices against late-year arrivals.
This week, US domestic rebar spot prices in the Midwest are relatively unchanged at $48.00-$49.00 cwt. ($1,058-$1,080/mt or $960-$980/nt) ex-mill, although fewer offers are being heard at the high end of the range. On the East coast, spot prices are down $0.50 cwt. ($11/mt or $10/nt), bringing the average range down to $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) ex-mill.