US domestic rebar prices are still expected to trend stable throughout this month, but beyond that, sources tell SteelOrbis that “headwinds are gathering” and spot prices could start to crack after Labor Day. An expected drop in shredded scrap prices this month is starting to put pressure on the input cost side, while softening import offers and a resulting rise in interest in imports is placing pressure on the demand side. Sources say US rebar mills will likely be able to “keep deals at bay” for the next month, but once the market returns from summer holidays in early September, the first signs of a price downtrend could be apparent.
For now, US domestic rebar spot prices are unchanged week-on-week at $51.00-$53.00 cwt. ($1,124-$1,168/mt or $1,020-$1,060/nt) ex-mill in the Midwest, and $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) on the East coast.