Although predictions are pointing to a slight drop in US domestic scrap prices next month, sources tell SteelOrbis that demand for rebar is steady enough to keep rebar spot prices level “through August at least.” Few think that US rebar mills will offer any kind of deals in reaction to a scrap drop, but sources say that unless there is a substantial scrap shortage situation in Q4 resulting in higher scrap prices, US rebar prices might have seen their peak for the year.
US domestic rebar prices are unchanged week-on-week, still trending at $51.00-$53.00 cwt. ($1,124-$1,168/mt or $1,020-$1,060/nt) ex-mill in the Midwest, and $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) on the East coast.