US domestic rebar prices are still expected to trend stable, with sources now saying that unless something dramatic happens with scrap next month, rebar prices are unlikely to change for the remainder of the year. Early predictions point to a downtrend in US domestic scrap prices for November, but if shredded scrap comes down by $20/ton as forecasts expect, the impact on rebar will be limited to a few deals for large distributors, but no change for most other customers, sources say.
Even the uptick in interest in rebar imports is having little to no effect on the US domestic rebar price trend, with domestic mills continuing to have a “solid hold” on the market. As such, US domestic rebar spot prices are unchanged week-on-week 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.