Scrap outlook helps lift US rebar perspective

Wednesday, 14 August 2019 20:42:54 (GMT+3)   |   San Diego

Although sources continue to report some dealmaking within the US domestic rebar market, the overall price trend could see a reversal and start pointing upward if US domestic scrap prices remain strong. Already, the August scrap buy-cycle ended with prices $20/mt higher, and early predictions for September are pointing at another, although more modest uptick. Two consecutive months of stronger scrap prices could provide US rebar mills with the leverage they need to firm offer prices, although some sources say there is “little appetite” for higher prices downstream.

For now, US domestic rebar offers are steady this week in the range of $32.50-$33.50 cwt. ($650-$670/nt or $717-$739/mt) ex-mill in the Midwest and $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill on the East Coast, although as mentioned above, sources say deals are still available beneath those ranges for certain customers.

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