Despite predictions of another US domestic scrap price increase in September and the potential for higher scrap prices to help firm US domestic rebar prices, sources tell SteelOrbis that the outlook for US rebar “isn’t clear.” Demand continues to be “okay, but not as strong as we’d like,” one source said, while another said the continued slow downtick in US import rebar prices offer an “attractive alternative” despite the “uncertainty risk” of booking tons for future arrival.
US rebar mills are reportedly considering the pros and cons of attempting to raise domestic rebar prices, and source tell SteelOrbis that even if they did raise prices, it wouldn’t be for more than $1.00 cwt. ($20/nt or $22/mt). Until then, US domestic rebar spot prices are stable this week in the range of $32.50-$33.50 cwt. ($650-$670/nt or $717-$739/mt) ex-mill in the Midwest and $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill on the East Coast, with deals still reported beneath those ranges for large-tonnage buyers.