Rebar steel mills in the southeastern US have adjusted their prices for most customers, in the face of lower October scrap prices and aggressive import offers. Some buyers reported price cuts of as much as $20/st, while others talked of smaller decreases.
The Platts daily southeastern US rebar assessment fell to $470-$535/st ex-works Friday from $490-$545/st on Thursday.
After scrap pricing fell $50-$60/lt during the October buy week, rebar distributors expected price adjustments from domestic mills. A major mill first reduced prices for one of its main distributors and some fabricators, according to sources. Other mills soon followed.
"As usual, other suppliers are reacting accordingly," one southeastern rebar distributor said. "No one mill or supplier ever has a sustainable advantage in the [rebar] market. When one makes a move, others soon follow, sometimes it exaggerates the downward spiral."
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