With US shredded scrap prices set to decline a bit more than initially expected, sources tell SteelOrbis that US domestic rebar prices could become vulnerable to deals once the scrap market settles. US rebar mills are still not expected to announce a formal decrease, regardless of where scrap settles, but buyers will be in a better position to negotiate.
However, strong demand and weak appetite for imports are still working in mills’ favor, sources say, so scrap-based discounts, even on an individual basis, are not expected to be significant. For now, US domestic rebar prices are unchanged week-on-week at $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt) ex-mill in the Midwest, and $42.00-$43.00 cwt. ($926-$948/mt or $840-$860/nt) ex-mill on the East coast.