While strong demand is keeping US rebar mills and buyers busy, sources tell SteelOrbis there seems to be little appetite for higher prices in the market. No mills ended up following SDI’s price increase announcement from earlier this month, which wasn’t much of a surprise considering scrap prices dropped again and import offers are looking more and more attractive. Whether these trends will lead to deals in the US rebar market is yet to be seen, but most sources are “fairly certain” that US rebar spot prices have peaked.
For now, US domestic rebar prices are unchanged week-on-week in the range of $51.00-$53.00 cwt. ($1,124-$1,168/mt or $1,020-$1,060/nt) ex-mill in the Midwest, and $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) on the East coast.