While US domestic steel product sectors typically follow their own market dynamics, an overall sense of optimism seems to be sweeping the US steel industry as a whole, resulting in multiple price increases and reports of above-average purchasing activity for this time of year. The US domestic rebar market is no exception—rumors of another rebar price increase have transformed into expectations, with an announcement predicted to hit inboxes either this week or next week at the latest.
Some sources tell SteelOrbis that the increase amount could be around the moderate level of $0.50 cwt. ($10/nt or $11/mt), but most sources contend it will be at least $1.00 cwt. ($20/nt or $22/mt), with some sources going so far as to predict another robust $2.00 cwt. ($40/nt or $44/mt).
Uptrending scrap is responsible for much of the positive market sentiment, along with rising import prices. Sources tell SteelOrbis that the imminent price increase will likely be the last of the year, and until then, spot prices are stable this week in the range of $27.50-$29.50 cwt. ($550-$590/nt or $606-$650/mt) ex-mill.