Have US domestic rebar prices hit bottom?

Wednesday, 10 July 2019 22:09:26 (GMT+3)   |   San Diego

Another month of depressed US domestic scrap prices have not inspired much confidence in US domestic rebar prices, but sources say there’s a silver lining to the scrap trend, in that a low point might have been reached and scrap prices could climb in August. Similarly, sources within the US rebar market believe prices might have hit bottom and an upswing is on the horizon. There have been no indications from US long product mills that a price increase is forthcoming, as with US flats mills this week, but even without a formal price announcement, sources say they expect US rebar mills to be firmer with offers going forward.

For now, US domestic rebar prices have not slipped from pre-Fourth of July week levels. This week, spot prices are stable in the range of $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill in the Midwest and $33.50-$34.50 cwt. ($670-$690/nt or $739-$761/mt) ex-mill on the East Coast, although some sources say there’s still a possibility that prices could slip a bit further before rising.

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