Stability within US domestic rebar market “not a sure thing”

Wednesday, 04 September 2019 00:13:50 (GMT+3)   |   San Diego
       

Although forecasts for the US domestic rebar market as of early last week pointed to stability due to the combination of projected higher scrap prices and lower import offers, updated expectations of soft scrap prices this month has added uncertainty to the US rebar market. Although US scrap prices have not yet settled, sources tell SteelOrbis that rebar mills already seem “more open” to deals than they were a week ago.

For now, spot prices for US domestic rebar are stable week-on-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. However, sources report Midwest prices drifting down toward the $32.00 cwt. ($705/mt or $640/nt) ex-mill level, while few—if any—buyers in both regions are reportedly paying the high end of the stated ranges.


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