Despite predictions for a $1.25-$1.50 cwt. ($28-$33/mt or $25-$30/nt) US domestic rebar price increase following the strong uptrend in US scrap prices this month, US rebar mills “seized the moment” and announced a $2.00 cwt. ($44/mt or $40/nt) price increase, effective with all new orders.
Sources tell SteelOrbis that mills have had little resistance pushing the increase through, and as such US domestic spot prices are up week-on-week. The new price range for the Midwest region is now $31.50-$32.50 cwt. ($694-$717/mt or $630-$650/nt) ex-mill, reflecting the full increase as sources report fewer deals available. On the East coast, spot prices are up $2.00 cwt. on the high end and up $1.50 ($33/mt or $30/nt) on the low end, in the range of $30.50-$32.00 cwt. ($672-$705/mt or $610-$640/nt) ex-mill.