Sources tell SteelOrbis that despite efforts by US domestic rebar mills to keep prices stable, US rebar prices are starting to soften slightly, and many expect further modest downticks in the near-term. Reports last week of foreign-fighter deals for large customers continue to be heard, and the deals have started to spread down to smaller customers as predicted.
As such, US domestic rebar spot prices are down $0.50 cwt. ($11/mt or $10/nt) in the last week, bringing most offers into the $46.50-$47.50 cwt. ($1,025-$1,047/mt or $930-$950/nt) ex-mill range. With US domestic scrap prices predicted to drop again next month, sources say it’s almost certain buyers can expect further deals.