CRU: US longs prices remain mostly flat in October

Scrap declines caused US rebar prices to edge down m/m in October, while all other products remained flat. The appetite for longs imports stayed low as domestic suppliers can meet current demand. Still, uncertainty surrounding scrap prices and seasonal declines in downstream construction activity have market participants shifting their focus on securing their year-end requirements.

While merchant bar and structurals prices were unchanged from last month, the US rebar assessment fell $0.75/cwt ($15/st), largely because of weaker shredded scrap prices in some regions. With mill maintenance outages slowing, suppliers noted slightly better activity, but buyers are becoming more inclined to shop around for pricing. However, as Q4 begins, buyers are also being mindful of year-end inventory management and not taking on too much supply.