Despite US domestic scrap prices dropping by a substantial $60/mt this month, US domestic rebar prices are no longer viewed as vulnerable. The shift in sentiment is attributed to new expectations for scrap in March, with forecasts indicating an increase in prices. The amount of the increase will largely depend on how much current severe winter storms in the Midwest affect scrap collection, but considering US rebar mills did not officially reduce prices after the scrap drop in February, they are not expected to announce a price increase if scrap prices rise moderately next month.
As such, other than a few outlier deals, US rebar spot prices remain unchanged week-on-week, at $39.00-$41.00 cwt. ($860-$904/mt or $780-$820/nt) ex-mill in the Midwest, and $38.00-$39.00 cwt. ($838-$860/mt or $760-$780/nt) ex-mill on the East Coast.