Although sources have reported widespread “foreign fighter” deals within the US domestic rebar market in the last few weeks, reports this week indicate US mills are not as amenable to deals. Mills are attempting to put a floor on prices, sources say, with the lowest current deals now heard around $45.00 cwt. ($992/mt or $900/nt) ex-mill.
However, the overall spot price range for US rebar remains at $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt) ex-mill, unchanged in the last week, and sources expect the current range to hold for most customers in the near-term. However, other sources are pointing to US scrap prices, which are predicted to drop again this month once the market settles this week. If scrap comes down yet again, sources say US rebar mills will have an “interesting time” trying to keep prices firm.