Few if any orders have been heard in the US domestic rebar market ahead of the Labor Day holiday next week, and the only indication of price movement in early September is reports that US mills are “not interested” in entertaining offers below the current spot range of $27.00-$29.00 cwt. ($540-$600/nt or $595-$640/mt) ex-mill. An expected sideways scrap price trend next month would bolster mill efforts to keep prices firm, leaving imports as the “wild card” that could determine whether US mills roll out a moderate rebar price increase, as some sources predict.
But with import positions coming in at lower levels in August than in July, the only import trend that would have a severe impact on US domestic rebar prices, according to sources, is if future import offers dropped drastically. Currently, import offers are on a slight downward trend but interest in the US is low—that could change if Turkish mills start to get aggressive about filling order books.