Despite the lack of an official mill price increase announcement, US domestic rebar prices are starting to firm toward the high end of the spot range due to continuously steady demand and expectations of a scrap price increase next month.
While November and December are traditionally slow months for rebar buying activity, source say demand will probably “downshift” closer to the end of the year due to the holidays, but for now mills are taking advantage of the positive market. As such, offers on the low end of last week’s spot price range are “virtually impossible” to attain, even for larger distributors. US domestic rebar prices are now at around $32.00-$32.50 cwt. ($705-$717/mt or $640-$650/nt) ex-mill, and $31.50-$32.00 cwt. ($694-$705/mt or $630-$640/nt) ex-mill on the East coast.