Although some in the US domestic rebar market think spot prices might be nearing their bottom, others say prices have “a bit to go,” evidenced by the quiet price decreases sources report from mills. In the absence of a formal price decrease announcement, sources say mills are quietly lowering prices, partially to compete with low import offers, but also as a reflection of seasonally slower demand. Once the market “returns from vacation,” as sources say, increased buying activity could slow the rebar price decline.
For now, US domestic rebar spot prices are now in the range of $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) ex-mill in the Midwest, and $50.50-$51.50 cwt. ($1,113-$1,135/mt or $1,010-$1,030/nt) ex-mill on the East coast, reflecting a drop of $1.00 cwt. ($22/mt or $20/nt) in the last week.