While US domestic rebar prices have continued to remain stable in the absence of a mill price increase announcement, it is unclear yet how long the stability will last. Sources tell SteelOrbis that prices are destined to fall “at some point,” but only when supply begins to outpace demand.
For now, supply reportedly remains tight despite high capacity rates, and the forecast for end-use demand remains hazy. One source said there should be clarity on the demand side by next month, once it becomes clear how much volume is being booked for direct orders compared to position buys.
As such, US domestic rebar prices continue to trend in the range of $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.