As predicted last week, the decline in US domestic scrap prices for April has resulted in increased flexibility for US domestic rebar prices. While dealmaking is not yet widespread enough to drag down the overall spot price range, sources tell SteelOrbis that “few if any” buyers are placing orders at the high end of the range.
As such, aside from individual deals, US domestic rebar spot prices are relatively steady at $35.50-$36.50 cwt. ($710-$730/nt or $783-$805/mt) ex-mill in the Midwest, and $37.00-$38.00 cwt. ($740-$760/nt or $816-$838/mt) ex-mill on the East Coast. However, sources say that steadiness will not last much longer, and expect a shift in the overall spot price range sometime this month.