Sources in the US domestic rebar market say an official mill increase announcement is “very likely” in the near-term after shredded scrap prices went up $20/mt this month. However, the increase amount could even surpass the scrap uptick, with some sources pointing to a $2.00 cwt. ($44/mt or $40/nt) increase for rebar that would be “easily absorbed” into market prices after a long period of neutrality.
Additionally, with international rebar prices on an uptrend, US rebar mills reportedly see “no reason not to raise prices,” although sources are not sure when an announcement will be released. For now, US domestic rebar spot prices are unchanged week-on-week, at $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill in the Midwest, and $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) ex-mill on the East coast.