US domestic rebar trend points upward

Wednesday, 04 November 2020 21:57:08 (GMT+3)   |   San Diego

Although US domestic scrap prices have not yet settled for the month, the expected sideways to uptrend in scrap is predicted to have a positive effect on US domestic rebar prices. Demand is still strong, and even though interest in imports is rising, many customers are still ordering mostly from domestic mills. Some sources believe a mill-announced price increase could be possible this month after scrap settles, but even without a formal increase, mills are likely to push for higher prices within the general spot price range.

For now, US domestic spot prices are unchanged week-on-week, but sources say upticks could become apparent by next week. For now, US domestic rebar spot prices remain at $31.50-$32.50 cwt. ($694-$717/mt or $630-$650/nt) ex-mill in the Midwest, and $31.00-$32.00 cwt. ($683-$705/mt or $620-$640/nt) ex-mill on the East coast.

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