US rebar market “disappointed” in scrap outcome

Wednesday, 12 October 2016 22:48:20 (GMT+3)   |   San Diego
       

Now that shredded scrap prices in the Midwest have settled at $10-$20/ton less than last month, sources within the US domestic rebar market have expressed disappointment in the months-long downtrend, especially since purchasing activity has been on the slow side recently. Mills are reportedly cutting deals for large customers beneath the $27.00-$29.00 cwt. ($540-$600/nt or $595-$640/mt) ex-mill spot range, but trying to maintain firmness otherwise.
 
Part of the slowness in domestic buys can be attributed to an uptick in import inquiries—after an initial “panic” at the recently-filed trade case against Turkey, Japan and Taiwan, sources tell SteelOrbis that import buys have resumed at slightly-lower prices. There is also still ample position availability at the ports, giving US buyers an alternative short-lead-time/small-tonnage alternative to domestic purchases.
 
Still, some sources are not ruling out a US domestic rebar increase in the near-future—once scrap prices level out or see even the slightest bump, mills are expected to jump on the opportunity for a “nice little margin boost” for their end-year financial results.


Similar articles

Domestic rebar prices in Taiwan - week 18, 2024

03 May | Longs and Billet

Southern European longs market still stagnant, but some price hike attempts start to be seen

03 May | Longs and Billet

Turkish rebar exports up 8.9 percent in January-March

03 May | Steel News

US issues final CVD review results on rebar from Turkey

02 May | Steel News

Romanian longs prices stable ahead of holiday

02 May | Longs and Billet

US rebar market banks on near-term stability

01 May | Longs and Billet

US import rebar offers stable week-on-week

30 Apr | Longs and Billet

Ex-Turkey longs prices stable, focus on Caribbean and Africa

30 Apr | Longs and Billet

Turkish domestic rebar spot prices follow diverse trends

29 Apr | Longs and Billet

Local Chinese longs market cautious ahead of holiday, price movement limited

29 Apr | Longs and Billet