As reported last week, US domestic rebar mills are reportedly less willing to make “foreign fighter” deals with customers, although such deals have not dried up entirely. Spot prices are mostly stable, although fewer offers have been heard on the upper ends of the previous spot range, thus dragging it down a bit. However, sources tell SteelOrbis that most dealmaking should “clear up” by next month, as US shredded scrap prices are still projected to settle sideways to slightly up in September.
If scrap prices end up rising, even slightly, most sources do not believe mills will announce a formal price increase, and few think prices will rise at all—even on an individual basis—until demand levels pick up from the typical summer slowness.
For now, US domestic rebar spot prices are now at $41.50-$43.00 cwt. ($915-$948/mt or $830-$860/nt) ex-mill in the Midwest, compared to $41.50-$44.00 cwt. ($915-$970/mt or $830-$880/nt) ex-mill last week. Spot prices on the East coast, meanwhile, are trending at $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill.