Although US shredded scrap prices settled at sideways this month, sources tell SteelOrbis that US rebar prices are still forecasted to move upward in the near-term, although it’s unlikely that US domestic rebar mills will announce a formal price increase as previously speculated. However, if harsh winter weather impacts scrap collection moving into February, sources say there’s a chance scrap could go up next month, and if so, rebar prices are “sure to follow.”
For now, US domestic rebar prices are stable week-on-week, although sources report fewer transactions on the lower end of the price range. US rebar in the Midwest is still trending at 43.50-$44.50 cwt. ($959-$981/nt or $870-$890/nt) ex-mill, while offers on the East Coast are around $43.00-$44.00 cwt. ($948-$970/mt or $860-$880/nt) ex-mill.