While many in the US domestic rebar market wait for an “inevitable” price increase, spot prices remain stable for most customers. However, deal prices for large distributors—which have been roughly $4.00 cwt. ($80/nt or $88/mt) lower than the average range lately—are reportedly becoming less available. Sources tell SteelOrbis that deal for $37.00 cwt. ($740/nt or $816/mt) ex-mill are “pretty much gone,” and US rebar mills are trying to firm up the lowest prices beyond the $38.00 cwt. ($760/nt or $838/mt) ex-mill level. Meanwhile, small to medium-sized customers are still paying in the range of $41.50-$42.50 cwt. ($830-$850/nt or $915-$937/mt) ex-mill.
As for the expected price increase announcement, sources say mills are waiting until June 1, when the Trump administration announces its plans for Section 232 tariff exemptions. If the situation remains more or less “as-is,” sources say US rebar mills will announce a “modest” increase, but if more countries are granted exemptions (or quotas in exchange for exemptions), mills will likely put an announcement on hold.