Domestic steel reinforcing bar prices in the United States rose slightly after three flat weeks, and market participants expect a continued upward trajectory despite prices for shredded scrap - rebar's key feedstock material - declining in August.
Fastmarkets' assessment for steel rebar, fob mill US was $49.25 per hundredweight ($985 per short ton) on Wednesday August 11, up by 0.51% from $49 per cwt the previous week and by 75.89% from $28 per cwt at this time last year.Although shredded scrap prices decreased in August and - according to market chatter - may well do the same in September, the rebar market remains tight and strong, and participants are...