U.S. rebar market still neutral

U.S. rebar market still neutral

Prices for both import and domestic rebar have remained the same since our last report. The US market is still steady. Prices remain $24.25 cwt. to $25.25 cwt. ($534.62 /mt to $556.76 /mt or $485.00 /nt to $505.00 /nt). Domestic pricing trend is fairly flat, as scrap prices are not expected to go up any further this year. Futhermore, December is a weak month for construction activity. Import rebar prices also remain unchanged at $22.00 to $23.00 cwt. ($485.02 /mt to $507.06 /mt or $440.00 /nt to $460.00 /nt) based on duty-paid, loaded-truck orders in Florida and Texas ports, with East coast prices about $0.50 cwt. ($11.02 /mt or $10.00 /nt) higher than US Gulf prices. However, import pricing trend is slightly down, as scrap prices are still declining in the Black Sea region. Another indication that prices may soften slightly is that the Turkish mills have relatively short lead times with some mills are still accepting orders for December production and shipment.