After US domestic rebar mills announced a price increase two weeks ago ahead of scrap prices settling, sources tell SteelOrbis that is its “almost guaranteed” that mills will announce yet another rebar price increase as soon as the US scrap market settles, if not slightly before. As for predictions of a price target for an upcoming increase, many sources are confident in another $2.00 cwt. ($44/mt or $40/nt) at the very least, while others are expected a more ambitious amount closer to $3.00 cwt. ($66/mt or $60/nt).
Until mills make an announcement, US rebar spot prices are expected to continue trending near the top of the general range, which is unchanged this week at $46.00-$48.00 cwt. ($1,014-$1,058/mt or $920-$960/nt) ex-mill in the Midwest, and $45.00-$47.00 cwt. ($992-$1,036/mt or $900-$940/nt) ex-mill on the East coast.