With three price increases announced and fully absorbed in just over a month’s worth of time, the US domestic rebar market appears to be primed for one last price increase for the year. Sources tell SteelOrbis that after shredded scrap prices settled up by $50 per ton in the Midwest, US domestic rebar mills are eager to take advantage of the trend, boost end-of-year and end-of-quarter results, and start the new year on a firm, optimistic note.
According to sources, the expected increase amount should resemble the most recent price bump—$1.25 cwt. ($25/nt or $28/mt) effective December 1—but “mills might toss out a surprise,” one distributor source said. And if mills decline to increase rebar prices again this month, sources say it will most likely be because they plan to announce a much more substantial increase in January.