US reinforcing bar (rebar) prices fell this week amid ongoing weakness in the scrap market.
The Argus US rebar ex-works Midwest was assessed at $1,090/short ton (st), falling from $1,080-1,130/st last week. Rebar import ddp Houston was assessed at $1,000-1,040/st, down from $1,060/st last week.
A market participant indicated that producers may pass on discounts from lower raw material costs to customers in the near future, with some larger customers already receiving the discounts.
Import prices remain subdued as post-lockdown Chinese demand has yet to materialize, therefore not supporting export prices out of Turkey. Turkish exporters have also yet to drop ex-works prices to levels palatable levels for some US buyers.
Electric arc furnace (EAF) steelmaker Nucor this week lowered listed wire rod prices by $40/st and SBQ raw material surcharges by $75/st.
