Although some sources said last week they wouldn’t be surprised if US domestic rebar mills announced another price increase in the near-term, the latest expectations for US domestic scrap prices in April have dampened such rumors. Previously, US shredded scrap prices were predicted to follow a sideways trend this month, but early indications during the ongoing monthly buy-cycle point to a possible downtrend of approximately $10-$20/mt when prices settle.
If scrap prices indeed drop, sources say “there’s no way” US rebar mills will announce an official price increase, and an official price decrease is also unlikely. Customers will probably be able to negotiate downward on an individual basis, but until then, US domestic rebar spot prices are unchanged this week in the range of $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.