While the average US domestic rebar spot price range has remained steady for another week, sources are starting to see “weak spots” and many expect mills to be open to deals in the near-term. US scrap prices, which had previously been expected to rise this month, are starting to look like they’ll follow a sideways—if not slightly down—trend for October.
Combined with a growing influx of import arrivals (146,267 mt in import permits in September, compared to 84,815 mt in census data totals for August), sources say US rebar mills will not be able to keep prices a the same level much longer, even if supply remains tight.
For now, 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.