Sources within the US domestic rebar market continue to report widespread deals at the mill level that have dragged down the general spot price range again this week. Import rebar offers to the US are still declining, and US rebar mills are offering attractive deals to capture the market. This week, US rebar spot prices are down another $0.50 cwt. ($11/mt or $10/nt), into the range of $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt) ex-mill, although sources report there are “certainly” lower quotes out there.
However, some sources attribute mill price flexibility to expectations of another scrap price decrease this month, saying that as soon as scrap prices flatten out or rise, US rebar mills will abandon their current attitude to push for firmer prices. Until then, spot prices are expected to continue dwindling downward.