Rebar consumers ‘smell blood,’ sit out of market

May 24, 2013 | 12:55 PM | Samuel Frizell

Tags  Rebar, concrete reinforcing bar, scrap, construction, Samuel Frizell

NEW YORK — Activity in the domestic reinforcing bar market continues to be tepid as negative scrap sentiment deflates ordering activity and construction projects remain slow to gain traction.

According to sources, buyers are hesitant to order material amid market speculation that scrap prices—and, hence, steel prices—could drop next month (amm, com, May 24). As a result, most appear to be keeping their inventories slim, buying only what they need to meet immediate requirements.

"If we went in and bought strong thinking (scrap) was going up like a bastard and then it dropped, we’d be screwed," said a Northeast rebar fabricator source. "We haven’t done any hedging because of the uncertainty in this stupid market."....

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