US rebar: Prices continue to fall

US rebar moved further down this week as producers work to keep pace with still-weakening imported prices.

The Argus rebar ex-works Midwest fell to $920/short ton (st) from $920-940/st, while rebar import ddp fell to $875/st from $900-920/st last week.

Steelmaker Commercial Metals (CMC) began lowering prices by another $20/st last week to some Midwest customers, with Nucor expected to follow soon, a market participant said. Recent price drops in both merchant bar and special bar quality steel also lent support to still-weakening rebar prices.

Demand for US rebar remained steady ahead of the Thanksgiving holiday and the beginning of the wider holiday season.