Although US domestic rebar prices are relatively unchanged week-on-week, sources tell SteelOrbis the trend is still pointing downward. Another slight decline in US scrap prices is expected next month, and there is not expected to be much uptick in demand in the final quarter of the year. As such, US domestic rebar prices are forecasted to continue dwindling downward.
This week, most spot prices are still being heard at $48.00-$49.00 cwt. ($1,058-$1,080/mt or $960-$980/nt) ex-mill in the Midwest and $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) ex-mill on the East coast, although sources say more transactions are taking place at the lower end of the range.