Despite much lower scrap prices this month than initially predicted and an increased interest in imports, US domestic rebar prices are remaining firm at existing levels. Sources tell SteelOrbis that continued strong demand gives mills “little incentive” to offer deals, even for major buyers, but one source mentioned that this firmness will be “put to the test” if scrap drops again next month.
For now, US domestic rebar spot prices are unchanged week-on-week at $54.50-$56.50 cwt. ($1,202-$1,246/mt or $1,090-$1,130/nt) ex-mill in the Midwest and $53.50-$55.50 cwt. ($1,179-$1,224/mt or $1,070-$1,110/nt) ex-mill on the East coast.