After US domestic scrap prices settled this month at $35/mt lower than last month, US domestic rebar prices have become more vulnerable. Demand continues to trend decent, and despite the likelihood that Turkish rebar imports will once again disappear from the market due to recent trade announcements, overall import prices are still comfortably beneath US domestic spot prices. As such, buyers have been able to negotiate rebar prices downward at the mill level in the last week.
US domestic rebar spot prices are now trending at $30.50-$32.00 cwt. ($610-$640/nt or $672-$705/mt) ex-mill in the Midwest, while East coast spot prices are now closer to $31.50-$32.50 cwt. ($630-$650/nt or $694-$717/mt) ex-mill. Prices for both regions are down $0.50 cwt. ($10/nt or $11/mt) in the last week, and sources tell SteelOrbis that prices have room to trend down further.