US domestic shredded scrap prices are poised to decline by a modest $20/mt this month, and sources tell SteelOrbis that US domestic rebar mills are unlikely to react with lower rebar prices. Demand is still strong, import activity is still tepid, and positive sentiment around the proposed US infrastructure bill has led to an outlook of continued firmness in the rebar market.
As such, spot prices in the US domestic rebar market are unchanged week-on-week. Current prices are still at $42.00-$44.00 ($926-$970/mt or $840-$880/nt) ex-mill in the Midwest, and $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill on the East coast.