After US shredded scrap prices came down as predicted last week, US domestic rebar spot prices have softened as well. Post-holiday demand after Labor Day did not experience the uptick many expected, and with the market quiet and sources wondering if another scrap decrease is possible next month, sources say modest downticks in rebar prices is expected in the near term.
This week, US domestic rebar spot prices are down $0.50 cwt. ($11/mt or $10/nt), bringing offers in the Midwest down to $48.00-$49.00 cwt. ($1,058-$1,080/mt or $960-$980/nt) ex-mill. Offers on the East coast are now ranging from $49.50-$50.50 cwt. ($1,091-$1,113/mt or $990-$1,010/nt) ex-mill.