Sources tell SteelOrbis that US domestic rebar prices have not yet hit bottom, and minor downticks are expected to continue in the near-term. For this week, however, spot prices have not moved, although sources attribute that to tepid buying activity rather than any sort of indication that prices are firming.
US domestic rebar prices are still trending at $31.00-$32.50 cwt. ($620-$650/nt or $683-$717/mt) ex-mill in the Midwest, although as with last week, the low end of the range is not available to all buyers. On the East coast, rebar spot prices are still in the range of $32.00-$33.00 cwt. ($640-$660/nt or $705-$728/mt) ex-mill.
Although US rebar spot prices are stable this week, sources say it’s “definitely possible” the market could see another price drop by next week. If not that soon, then “absolutely” after scrap prices settle in October.