Reinforcing bar prices in the United States have resumed their downward trek, propelled by declining ferrous scrap prices, slowing demand in certain regional markets and competitively priced imports.
Fastmarkets' assessment for steel rebar, fob mill US was at $30-31 per hundredweight ($600-620 per short ton) on Wednesday October 2, down by 3.9% from $31-32.50 per cwt previously and the lowest level since it was assessed at $29-30 per cwt on January 3, 2018. Fastmarkets' assessment for steel rebar, import, cfr Houston was at $575-590 per ton on the same date, unchanged since September 4. Domestic market dynamicsChief among the points putting downward pressure on the US rebar market is the expectation that key input costs will erode even further, with sources in the Chicago market hearing that brokers might try to push October's settlement down...