While demand remains strong within the US domestic rebar market, prices have stabilized during the week, which has led some sources to speculate that spot prices could be at or near their peak. Predictions of another sideways trend for US scrap next month—and possibly even a slight downtrend—are already giving mills less leverage to push prices higher, although most sources doubt there will be a significant drop in rebar spot prices, even if scrap goes down.
However, the one market factor that most sources agree could have a major impact on rebar prices is if the Biden administration revokes Section 232 tariffs this year. Chances of such a move are still slim, but sources say the minute import prices are 25 percent less, US rebar mills will have no choice but to adjust prices accordingly.
For now, US domestic rebar spot prices are unchanged week-on-week at $51.00-$53.00 cwt. ($1,124-$1,168/mt or $1,020-$1,060/nt) ex-mill in the Midwest, and $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) on the East coast.