Although US domestic scrap prices didn’t rise as much as some were predicting, the $30/mt bump in shredded will at the very least give mills incentive to keep prices firm. Although some sources still predict that US rebar mills might announce an increase “to see what happens,” others say the most direct result of the scrap trend will be fewer deals available.
Spot prices for US domestic rebar have not changed in the last week, and while further stability is expected in the near-term, prices could start ticking upward as the quarter progresses, especially if demand rises in the spring. This week, spot offers are stable at $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt) ex-mill in the Midwest, and $47.00-$48.00 cwt. ($1,036-$1,058/mt or $940-$960/nt) ex-mill on the East coast.