Although sources predicted before the Fourth of July holiday that US domestic rebar prices looked to be on a continuous slow downward trajectory, a slight surprise in the scrap market has shifted the trend to neutral. Many in the rebar market were expecting US shredded scrap prices to decline yet again this month after two consecutive months of declines in May and June. However, shredded scrap in most US regions trended sideways, with the Chicago market settling down by just $20/gt.
Sources say that despite the slight drop in the Chicago market, US domestic rebar prices are expected to stabilize. Demand isn’t robust at the moment anyway due to seasonal summer slowness, but buyers should reportedly expect more firmness from mills going forward.
This week, US domestic rebar spot prices are unchanged at $43.50-$44.50 cwt. ($959-$981/mt or $870-$890/nt) ex-mill in the Midwest, and $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt) ex-mill on the East coast.