As expectations solidify for a US scrap price increase next month, sources tell SteelOrbis they continue to be confident that current US domestic rebar spot price ranges will remain at high levels. Demand is still solid and import offers have been slowly ticking upward, giving US rebar mills “virtually no reason” to offer deals, even to larger buyers. However, sources also see no reason for mills to raise prices despite justification from strong demand, as mills reportedly “don’t want to push it,” especially in light of the price plunge happening in the flat steel sector.
As such, US domestic rebar spot prices are once again unchanged week-on-week in the range of $54.50-$56.50 cwt. ($1,202-$1,246/mt or $1,090-$1,130/nt) ex-mill in the Midwest while offers on the East coast are still at $53.50-$55.50 cwt. ($1,179-$1,224/mt or $1,070-$1,110/nt) ex-mill.