As expectations for another uptrend in the US domestic scrap market in October have shifted to a mildly-up to sideways trend, sources tell SteelOrbis that US domestic rebar prices have likely seen the last increase of the year. Moving forward, rebar prices are forecasted to remain steady in the near term, but by November or December, some sources speculate that mills will be “hungry for backlogs” and deals could become available.
As such, US domestic rebar spot prices in the Midwest are unchanged this week at $31.50-$32.50 cwt. ($694-$717/mt or $630-$650/nt) ex-mill, while prices on the East coast are still ranging from $31.00-$32.00 cwt. ($683-$705/mt or $620-$640/nt) ex-mill.