US rebar market “biding its time”

Although chatter about a possible price increase in the US domestic rebar market has quieted somewhat in the last week, sources say it’s “still on the table” and mills are just “biding their time.” Many suspect they are waiting for October scrap numbers to come out, but only to ensure any downtick in scrap prices is not too dramatic. Even a slight decrease in scrap will reportedly “not prevent mills from increasing,” but a surprise sideways trend could raise the increase amount they’re already considering.

 

For now, US domestic rebar prices are still ranging from $27.00-$29.00 cwt. ($540-$600/nt or $595-$640/mt) ex-mill, and sources tell SteelOrbis that activity is “quite lively” due to the end of the summer slowdown and customers wanting to buy ahead of the rumored increase.