After effectively dropping US domestic rebar prices almost two weeks ago, US domestic rebar mills have maintained a steady trend with new orders. Sources tell SteelOrbis that a lesser scrap price decrease than initially anticipated has helped spot prices from falling further, although some sources claim mills are ”kicking themselves” for rescinding the $1.25 cwt. ($25/nt or $28/mt) price increase announced in early March before US domestic scrap prices settled for April.
Another factor in the steady trend is slowly rising import prices. While some sources aren’t certain the uptrend in Turkish rebar import prices will last, for now it runs counter to the reasoning US mills gave for the rescinded increase—mills blamed the “continued surge in imports from Turkey and other countries” on the move.