Although US domestic shredded scrap prices in the Midwest moved sideways this month, sources tell SteelOrbis that mills are “undeterred” in their quest for firm spot prices, with few deals available under the current range. However, plans for near-term price increase might be put on the back burner, sources say, with many speculating the next price move might have to wait until the final results of the Section 232 investigation are announced within the next two months.
Of course, another rise in scrap prices in the meantime could lift spot prices once again, but for now, the US domestic rebar price range is stable at $36.25-$37.25 cwt. ($725-$745/nt or $799-$821/mt) ex-mill.