Lower US domestic scrap prices this month combined with tepid demand for rebar has left US domestic rebar prices in an overall soft trend, but sources say spot prices might stop dropping now that early scrap price predictions for November show a possible increase.
Sources say US rebar mills have been “looking for any reason” to slow down dealmaking in the market, although many point to the weak demand situation to predict rebar prices might not necessarily rise, even if scrap prices do.
For now, US domestic rebar prices are stable this week in the range of $30.50-$32.00 cwt. ($610-$640/nt or $672-$705/mt) ex-mill in the Midwest, while East coast spot prices are still at $31.50-$32.50 cwt. ($630-$650/nt or $694-$717/mt) ex-mill.