After dropping slightly last week, US domestic rebar prices are still vulnerable to softening, especially considering US domestic scrap prices have officially decreased for May. The $30/mt drop in shredded scrap prices has many SteelOrbis sources believing that mills will continue offering deals on a customer-by-customer basis, although “more customers, especially smaller buyers, will have access to deals,” and deals to larger customers will be “much more generous” following the scrap announcement. Sources say an official rebar price decrease announcement is “extremely unlikely,” as mills have trended toward announcing price increases only, not decreases, for rebar during the last several years.
For now, US domestic rebar spot prices are unchanged considering how recently scrap prices settled, but sources say new lower spot prices will be available “probably by the end of this week.” Until then, the last heard spot prices are $35.00-$36.00 cwt. ($700-$720/nt or $772-$794/mt) ex-mill in the Midwest, and $36.50-$37.50 cwt. ($730-$750/nt or $805-$827/mt) ex-mill on the East Coast.