After three consecutive months of US shredded scrap prices decreases and early expectations that scrap could trend neutral in August, sources are not surprised that US domestic rebar prices continue to drift down downward. In the last two weeks, prices have dropped by another $1.00 cwt. ($22/mt or $20/mt), and similar size or slightly smaller downticks are expected to continue into the third quarter, unless, as sources point out, “something crazy happens because at this point in the world you really never know.”
Since our last report a week ago, US domestic rebar spot prices in the Midwest are now in the range of $53.50-$54.50 cwt. ($1,179-$1,2,03/mt or $1,070-$1,090/mt) ex-mill, while spot prices on the East coast are in the range of $54.00-$55.00 cwt. ($1,191-$1,213/mt or $1,080-$1,100/nt) ex-mill.