As the US scrap market settles in January with varying trends depending on the region, US domestic rebar spot prices are holding steady. While predictions have pointed to a sideways or downward trend for shredded scrap prices, a massive winter storm system that’s about to cover much of the US could change trends last-minute.
US domestic rebar mills are still trying to push the remainder of their mid-December price increase into spot prices, but sideways or lower scrap prices would give buyers a reason to push back. Even so, sources say US mills are busy enough with a US construction sector that’s humming along and little competition from imports, so they might push the increase through regardless of scrap prices.
For now, US domestic rebar spot prices are unchanged week-on-week, but sources believe current ranges could start firming upward. US domestic rebar spot prices in the Midwest are still at $43.50-$44.50 cwt. ($959-$981/nt or $870-$890/nt) ex-mill, while offers on the East Coast are around $43.00-$44.00 cwt. ($948-$970/mt or $860-$880/nt) ex-mill.