Although pricing weakness persists in the US domestic rebar market, mills have been able to keep a tight grip on the price trend despite a decline in raw material prices. Demand is reportedly “decent enough,” with supplies “slightly outweighing demand,” and interest in imports remains low, even though import offers continue to tick downward. All combined, market factors have given US domestic rebar mills a slight edge, preventing spot prices from declining at the rate of other steel products.
However, current spot ranges are not believed to be “the bottom,” and some sources still foresee US rebar prices falling below the $30.00 cwt. ($600/nt or $661/mt) ex-mill threshold before the end of the year. Another predicted drop in scrap prices this month is putting pressure on US rebar prices, but buyers are reportedly not eager enough for orders to push for significant discounts.
As such, US domestic rebar prices are once again trending neutral this week, at $31.00-$32.50 cwt. ($620-$650/nt or $683-$717/mt) ex-mill in the Midwest, and $32.00-$33.00 cwt. ($640-$660/nt or $705-$728/mt) ex-mill on the East coast.