US rebar market expected to trend neutral, for now

Wednesday, 07 August 2019 01:08:15 (GMT+3)   |   San Diego

Despite US domestic scrap prices trending up by $20/mt this month, sources tell SteelOrbis that the uptrend might not provide enough leverage to US rebar mills to raise prices. Demand is steady, and while availability of import rebar at US ports is dwindling, import offer prices for future arrivals are still “comfortably below” US domestic rebar spot prices. As such, the modest increase in scrap prices might “at the very most” erode the lowest deals in the US rebar market, but sources say the overall price range should remain steady.

This week, US domestic rebar spot prices have not changed, with Midwest prices still ranging from $32.50-$33.50 cwt. ($650-$670/nt or $717-$739/mt) ex-mill, and $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill on the East Coast.

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