Last week, sources within the US domestic rebar market believed that mills would soon back down from the early January $2.50 cwt. ($55/mt or $50/nt) price increase and become more flexible with spot offers. However, sources report this week that mills are still firm with offer prices, with one source saying that none of the major rebar mills wants to “lead the market downward.” Still, other sources say it’s only a matter of time before spot prices start to shift down.
For now, US domestic rebar prices are still roughly 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.