US demand too weak to prop up steel prices against falling scrap
With US shredded scrap prices dropping by up to $30/long ton this month, there is a very good chance that US rebar prices will fall right along with them.
Given the ongoing weak demand in the US rebar market, it is quite likely that this time, domestic mills may opt to lower rebar prices in step with the decreases in scrap.
Meanwhile, Turkish mills are still pretty hungry for business and they are seeing falling scrap costs as well. However, if US prices do come down another notch as expected, Mexican rebar imports, along with imports from other sources, will most likely come down by at least as much in order to stay competitive with US material. Source: SteelOrbis – – For the latest in steel news & trends subscribe to SteelOrbis News at https://www.steelorbis.com.