Although sources continue to report deals within the US domestic rebar market, the average spot price range is stable week-on-week, and conditions point to continued stability throughout the quarter. Demand is steady and mill order books are healthy, sources say, and the prospect of a sideways scrap trend in November would serve to keep US rebar prices rangebound.
However, some sources point out that if scrap happens to move upward, US rebar mills might take the opportunity to announce an official price increase, which they haven’t since March this year. If they do, sources say mills will have “no problem” getting whatever increase amount they announce.
For now, US domestic rebar offers are stable at $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill in the Midwest, and $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) ex-mill on the East coast. Deals are still being reported below the $40.00 cwt. ($882/mt or $800/nt) level.