After US shredded scrap prices declined minimally this month, sources say the trend “might as well have been sideways” for the minimal impact it’s having on US rebar prices. Demand for rebar in the US is still steady thanks to decent construction spending levels, so mills aren’t offering as many deals as they were over the summer. However, when sources do hear of rebar spot deals, they are reportedly in response to import offers, not lower scrap numbers.
As such, the overall spot price range for US domestic rebar has remained stable week-on-week, with offers in the Midwest still at $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill, while offers on the East coast are still around $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) ex-mill.