After absorbing a $3.25 cwt. ($72/mt or $65/nt) price increase last week, the US domestic rebar market is continuing to firm with the spot range as deals become less available. Sources tell SteelOrbis that domestic mill order books are full through January, and the expectation of another uptrend for scrap prices next month has resulted in an uptick in rebar orders to get ahead of another predicted mill-announced rebar price increase.
This week, the bottom end of last week’s spot price range has increased by $0.50 cwt. ($11/mt or $10/nt) in both the Midwest and East coast regions. Midwest spot prices are now averaging at $36.00-$37.50 cwt. ($794-$826/mt or $720-$750/nt) ex-mill, while prices in the East coast are now at $34.50-$36.00 cwt. ($761-$794/mt or $690-$720/nt) ex-mill. Prices are expected to remain relatively stable for the remainder of the month due to the holidays, but sources say buyers should “brace for higher prices” when the market resumes in the New Year.