After US domestic shredded scrap prices trended sideways this month, sources tell SteelOrbis that US rebar prices are expected to follow a similar trend, despite reports of vulnerability last week. However, sources are also saying that supply has loosened up a bit, with many distributors having ample inventory for their needs. This could pave the way for future deals, especially if import rebar continues to flow into US ports.
Overall, sources still believe that US rebar prices are unlikely to rise except in the case of a major market event, such as scrap prices surging upward. As such, US domestic rebar spot prices are unchanged week-on-week at $51.00-$53.00 cwt. ($1,124-$1,168/mt or $1,020-$1,060/nt) ex-mill in the Midwest, and $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) on the East coast.