Prices for US domestic rebar remained flat despite a modest gain in Chicago shredded scrap prices, while imported prices remain static due to a lack of confirmed market activity.
Fastmarkets AMM's assessment for domestic rebar held at $35-36 per hundredweight ($700-720 per short ton) fob Midwest mill on Wednesday October 17, while imported rebar remained at $676-700 per ton cfr Port of Houston. No impact from scrap rise, glut in NortheastDomestic rebar had previously been facing downward pressure from declining raw material costs but a slight rebound in October scrap prices has added an additional layer of stability to the market. Indeed, Chicago shredded auto scrap rose by $10 month on month on October 5 to $335 per gross ton. But that total is still down by $55 from a year-to-date high of $380 per ton on April 6. Sources who spoke with Fastmarkets were divided on whether this increase would create upward pressure on the cost of domestic...