Early expectations for the US domestic scrap market in July continue to point to a slight downtrend in prices, but sources tell SteelOrbis that US domestic rebar prices will not be affected and instead remain firm. Sources say steady demand is helping keep prices from dropping, and although weekly US steel production has seen an increase in four of the last five weeks, the gains are marginal enough to have a limited impact on rebar prices.
If the US construction sector continues to reopen at its current pace, sources predict rebar prices will remain steady, and perhaps even rise slightly during the third quarter. However, sources are clear that “anything can happen” amid the Covid-19 pandemic, and buyers are reportedly keeping a close eye on developments.
For now, US domestic rebar prices are steady week-on-week at $29.50-$30.50 cwt. ($650-$672/mt or $590-$610/nt) ex-mill in the Midwest and $29.00-$30.00 cwt. ($639-$661/mt or $580-$600/nt) ex-mill on the East coast.