Although the most recent $1.50 cwt. ($30/nt or $33/mt) price increase for US domestic rebar took time to finally absorb into the market, sources tell SteelOrbis that spot prices “might not be done rising” after US domestic scrap prices increased this month. One source said that mills might “take advantage of the momentum” and quietly firm offers within current ranges on a customer-by-customer basis, but others contend that mills are not likely to issue another formal price increase in the near-term, especially considering US scrap prices are expected to move sideways next month.
For now, US domestic rebar spot prices are unchanged week-on-week, at $32.50-$33.00 cwt. ($650-$660/nt or $717-$728/mt) ex-mill in the Midwest, and $33.50 cwt. ($670/nt or $739/mt) ex-mill on the East Coast.