Shredded scrap in the US trended sideways this month as predicted, which is expected to help US domestic rebar mills keep spot prices stable. Sources tell SteelOrbis that foreign fighter deals are not as prevalent as in previous weeks, even though import rebar offers are still softening. Considering many in the market expect to see an uptick in demand moving forward, sources say rebar spot prices should continue being offered within current ranges for the near-term.
As such, US domestic rebar offers are unchanged this week at $41.50-$43.00 cwt. ($915-$948/mt or $830-$860/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.