Mild predictions for the May scrap trend has apparently not stopped US domestic rebar mills from pushing transaction prices upward. Sources tell SteelOrbis that at least one major mill has been altering distributors (via phone call only) that rebar prices will jump from $0.75-$1.25 cwt. ($15-$25/nt or $17-$28/mt), depending on customer size/region, as of Monday. However, not all mills have followed suit, although Cascade Steel sent a letter indicating a $1.25 cwt. increase effective April 22, which was reportedly in response to other mills calling customers with “quiet” increases the previous week.
What this means is a widening of the spot range to accommodate all the various mill price ideas. For this week, the range is up $1.25 cwt. on the high end—attributed to Cascade and the mills it followed—with the low end remaining stable: $28.50-$31.75 cwt. ($570-$635/nt or $628-$700/mt) ex-mill. Depending on how widespread next week’s increase becomes, the entire spot range is liable to lift.