Rising ferrous scrap costs have nudged special bar quality (SBQ) steel spot prices upward in the United States, while sentiment among market participants has been weak to start the year, Fastmarkets has learned.
On the hot-rolled side of the market, Fastmarkets' monthly price assessment for steel bar hot-rolled special bar quality (SBQ) 1-inch round 1000 series (carbon), fob mill US rose to $35 per hundredweight ($700 per short ton) on Friday January 10, up by 2.9% from $34 per cwt previously.Sources put lead times for cold-finished material at two to six weeks and for hot-rolled...