After US domestic rebar mills issued a $1.50 cwt. ($33/mt or $30/nt) price increase late in the week before the Thanksgiving holiday, US domestic rebar prices have increased, although not equally across the board. Large distributors and brokers are still getting deals, sources say, resulting in a new spot price range of $32.50-$34.00 cwt. ($727-$750/mt or $650-$680/nt) ex-mill in the Midwest, up the full $1.50 cwt. on the high end but up only $0.50 cwt. ($11/mt or $10/nt) on the low end. On the East coast, spot prices are now at $31.50-$33.00 cwt. ($694-$728/mt or $630-$660/nt) ex-mill, reflecting no change on the low end and up $1.00 cwt. ($22/mt or $20/nt) on the high end.
Despite the uneven absorption of the price increase, sources predict US domestic rebar mills will announce another price increase soon—likely by the end of this week—due to the expected sharp rise in scrap prices this month. While early indications pointed to a potential $50/ton rise in shredded scrap, early deals indicate prices could rise even further.