US domestic rebar prices remain robust in the face of softening scrap, while the forecast for imported material has remained in limbo ever since the US doubled the Section 232 tariffs on Turkish steel on Friday August 10.
American Metal Market's assessment for domestic rebar remained at $35-36 per hundredweight ($700-720 per short ton) fob Midwest mill on Wednesday September 5, with imported rebar holding firm at $676-700 per short ton cfr Port of Houston. US prices resilient Market participants said domestic prices should remain at current levels in spite of volatility in the scrap market. The price of Chicago shredded scrap declined by $20 to $350 per gross ton on Friday August 3, with September prices expected to slide further."Recyclers expect September US scrap prices to move -$15-25/t lower MoM," Jefferies analyst Seth Rosenfeld wrote in a research note on Tuesday August 28. Rosenfeld continued that prices for steel long products will likely be more sustainable in the near term than those of flat-rolled products, where prices continue to slip incrementally. A producer echoed...