Although US domestic rebar mills are not “hurting” for orders, sources say the market is nevertheless “lukewarm,” as demand chugs along and spot prices remain vulnerable to deals. Additionally, expectations of a slight drop in shredded scrap prices in this month’s buy-cycle indicate US rebar spot prices might trend vulnerable in the near term, at least until demand picks up or the scrap market shifts upward.
This week, US domestic rebar spot prices are stable, but sources continue to report deals—some based off attractive import offers, others based on mill eagerness to place orders. While some sources say mills could become even more amenable to deals if scrap drops, others say mills are doing well enough to keep prices from falling too far.
As such, US domestic rebar spot prices are still around $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill, while offers on the East coast are still at $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) ex-mill.