Although demand for US rebar is chugging along as the end of the year approaches, and all indications are pointing to a modest uptrend in scrap prices this month, sources tell SteelOrbis that US domestic rebar spot prices are “not out of the woods” and further small downticks could appear in the next few weeks.
While some might expect US rebar mills to take advantage of higher scrap prices and try to raise rebar prices, sources say the market wouldn’t accept it because not only are rebar prices still extremely high, but interest in import orders is surging now that it appears import offers have found a price floor.
This week, US domestic rebar spot prices are weak but holding at previous ranges. And while some speculate that mills might be able to at least keep prices level until the New Year, others are not so confident. Current spot price ranges for US rebar are still at $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt) ex-mill in the Midwest, and $47.00-$48.00 cwt. ($1,036-$1,058/mt or $940-$960/nt) ex-mill on the East coast.