NEW YORK Rebar
shipment levels were lukewarm in July, and prices are mostly
holding flat ahead of expected price announcements from the
Grade 60, No. 5 rebar
prices have hovered around $645 per ton ($32.25 per
hundredweight) in most regions since mid-June. The mills
announced they would not change prices in July, despite a
$16-per-ton increase in the Chicago consumer buying price for
shredded auto scrap, the raw material input for rebar, and most
rebar buyers have seen little price fluctuation.
Some speculated that
Nucor Corp., the usual price leader, will announce a price
increase in coming days, but others said they werent
"It could go either
way," a rebar buyer in the Northeast said. "My guess is
theyre going to try to get something out of this (scrap
increase). They sat on their laurels on the last $16. My bet is
theyre going to move a little."
Many buyers said last
month that they expected an increase at the end of July (
amm.com, July 19), but Nucor has not yet announced
a price change, and one mill source said he wasnt
expecting a price announcement as the mills move further away
from tying their prices to scrap (
amm.com, June 6).
Activity increased at
the end of the month after a short dip in early July around
Independence Day weekend, but overall rebar shipments were down
slightly compared with June, several sources said.
producing quite as much rebar as we had been," the mill source
construction were positive in June and July, with the
architectural billings index in June indicating continued
growth in demand for building design services (
amm.com, July 26). Construction employment rose 3
percent in July to 5.79 million compared with the same month
last year, according to the Associated General Contractors of
America, but was down slightly from June.