Although US domestic rebar mills have not issued a formal price decrease, sources tell SteelOrbis that deals have been heard in the market as domestic mills compete for orders. Mills reportedly have plenty of availability still, and with predictions pointing to another sideways price trend for shredded scrap this month, rebar buyers are in a strong position to negotiate.
As such, US domestic rebar spot prices have shifted downward week-on-week by about $1.00 cwt. ($22/mt or $20/nt), leaving offers in the Midwest around $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt) ex-mill, and offers on the East coast around $42.00-$43.00 cwt. ($926-$948/mt or $840-$860/nt) ex-mill.