Sources tell SteelOrbis that expectations for US domestic rebar prices in the near-term are pointing to prolonged stability. Predictions of a US domestic scrap prices uptrend in September have revised down to an expected soft-sideways trend, but even before the monthly US scrap buy-cycle commences, there was already little appetite among US rebar mills to use higher raw material costs to push rebar prices higher, due to downtrending import prices and static demand. While such headwinds could potentially drag US rebar prices down further, sources say mills are eager to keep prices afloat.
As such, spot prices for US domestic rebar have remained stable this week, in the range of $32.50-$33.50 cwt. ($650-$670/nt or $717-$739/mt) ex-mill in the Midwest and $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill on the East Coast, with deals still reported beneath those ranges for large-tonnage buyers.