Sources tell SteelOrbis that demand within the US domestic rebar market isn’t as strong as they’d prefer it to be, and as such there are still enough deals being made to drag the spot range down further. While the downticks are slight, some in the market think another month of sideways shredded scrap pricing could help stabilize rebar prices, but the latest predictions are pointing to a possible downtrend. Most sources, however, are looking toward demand to firm up prices.
This week, US domestic rebar spot prices have softened slightly on deals, with Midwest spot prices around $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill, compared to $41.50-$43.00 cwt. ($915-$948/mt or $830-$860/nt) ex-mill last week. Offers on the East coast are now around $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) ex-mill, compared to $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill.