While US domestic rebar prices were in limbo directly following CMC’s $1.50 cwt. ($30/nt or $33/mt) price increase announcement in December, sources tell SteelOrbis that prices are up now that other major mills, including Steel Dynamics and most recently Nucor, have matched CMC’s increase with their own announcements.
Sources report that mills are quoting new prices with the full increase included, lifting US domestic rebar prices to $32.50-$33.00 cwt. ($650-$660/nt or $717-$728/mt) ex-mill in the Midwest, and $33.50 cwt. ($670/nt or $739/mt) ex-mill on the East Coast. With US domestic scrap prices set to increase again this month, some sources speculate that rebar mills will announce another price increase, possibly before the end of the month.