Although US domestic rebar prices are on a sharp upward trend, sources tell SteelOrbis that prices lack consistency among various buyers, with some large distributors still getting deals while smaller buyers are paying nearly record-high prices, at levels not seen since before the recession a decade ago.
Adding to the price variations are mill price increases themselves—after Gerdau, CMC, and SDI all announced a $2.50 cwt. ($50/nt or $55/mt) effective-immediately price increase early last week, Nucor waited until the end of the week to announce its own $2.00 cwt. ($40/nt or $44/mt) price increase, undercutting the competition. However, sources tell SteelOrbis that depending on the region, some mills might be able to push through the original $2.50 cwt. increase without adjusting to Nucor’s levels.
As for spot prices, most small and medium-sized buyers are paying upwards of $40.50-$41.50 cwt. ($810-$830/nt or $893-$915/mt) ex-mill, while some large distributors have been heard getting deals closer to $35.00 cwt. ($700/nt or $772/mt) ex-mill. However, with US domestic scrap prices predicted to tick up once again in April, sources say buyers should prepare for more price increases.