As expected, US domestic rebar mills announced another price increase last week, with the $2.50 cwt. ($55/mt or $50/nt) increase amount falling at the high end of last week’s prediction. Sources tell SteelOrbis that the latest increase will be fully absorbed into the market by the end of this month, and many expect this to be the last price increase “for a while,” considering there is a “decent chance” US domestic scrap prices will not surge up dramatically next month as they have recently.
For now, US domestic rebar prices are now ranging from $39.00-$41.00 cwt. ($860-$904/mt or $780-$820/nt) ex-mill in the Midwest, and $38.00-$39.00 cwt. ($838-$860/mt or $760-$780/nt) ex-mill on the East Coast.