Rebar prices flat for eighth week in row

Mar 14, 2014 | 01:26 PM | Stacy Irish

Tags  reinforcing bar, rebar prices, Gerdau Long Steel North America, ferrous scrap, Stacy Irish

NEW YORK — U.S. reinforcing bar mills kept prices steady for an eighth consecutive week as of March 14 despite lower ferrous scrap prices and scant demand, market sources said.

AMM’s spot transaction price for Grade 60, No. 5 rebar remained unchanged at $34.50 per hundredweight ($690 per ton) f.o.b. Midwest mill.

“At one point in the last month it looked as if scrap would ‘fall off the cliff’ as mills were buying virtually nothing and demand in the market was nonexistent. Then without notice, in the last week, the market reversed course and stabilized in several areas and grades even improved to reach where it finally settled,” a U.S. rebar buyer said.....

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