After shredded scrap prices fell by a slightly lower amount this month than last month ($10-$20 per ton based on the region), sources tell SteelOrbis that US domestic rebar mills will most likely respond to the trend with price flexibility on a case-by-case basis rather than announcing an official price decrease amidst the annual summer slowdown in activity.
But until activity turns around—the market is still catching up after last week’s Fourth of July holiday—any effect of lower scrap prices on rebar spot prices will be minimal. For now, offers are still hovering in the wide range of $27.50-$31.00 cwt. ($550-$640/nt or $606-$684/mt) ex-mill, although both ends of the range are reportedly “very soft” for anyone with a serious inquiry.