Despite predictions of another US scrap price decrease next month, US domestic rebar mills have been able to keep prices stable week-on-week based on steady demand. However, sources say much of the buying activity can be attributed to foreign-fighter deals that could soon become widespread enough to drag the overall price range downward.
Although US import rebar offers are not substantially lower than domestic offers, the deals are keeping order books filled, with fewer and fewer transactions taking place at the high end of the current $47.00-$48.00 cwt. ($1,036-$1,058/mt or $940-$960/nt) ex-mill range. As such, sources say the range will “undoubtedly” dip lower as deals continue.