US domestic rebar prices have firmed upward this week on continual strong demand and tight supply, with lead times in certain cases now stretching until October, according to sources. And while Nucor’s recent announcement of a $1.50 cwt. ($33/mt or $30/nt) price increase was seen as more of an adjustment to the $2.50 cwt. ($55/mt or $50/nt) price increase last month that was surpassed by other mills’ $4.00 cwt. ($88/mt or $80/nt) increase, sources report higher asking prices permeating the market.
However, some sources are speculating that the US domestic rebar market might have reached its peak with record-high spot prices. While demand is not expected to abate, scrap prices are forecasted to trend sideways again next month after staying level this month, which could discourage rebar mills from pushing for higher prices in the near-term.
This week, US domestic rebar spot prices are trending $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. Two weeks ago, US rebar prices were at $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) ex-mill in the Midwest, and $49.00-$51.00 cwt. ($1,080-$1,124/mt or $980-$1,020/nt) on the East coast.