Although the $2.00 cwt. ($44/mt or $40/nt) US domestic rebar price increase did not immediately absorb into the market across the board, prices are up on the East coast by $0.50 cwt. ($11/mt or $10/nt) this week, reflecting the final portion of the increase to go through. US domestic rebar prices on the East coast are now at $31.00-$32.00 cwt. ($683-$705/mt or $620-$640/nt) ex-mill, while prices in the Midwest remain firm at $31.50-$32.50 cwt. ($694-$717/mt or $630-$650/nt) ex-mill.
Sources tell SteelOrbis that mills are increasingly reluctant to offer deals, noting the widespread price increases across almost all steel products recently, although some sources do not think the higher rebar price levels will last. Early predictions are pointing to a sideways or uptrend for US domestic scrap prices next month, which would support higher rebar prices, but some sources are already saying that could change in October, and if scrap prices drop, rebar prices could follow considering construction demand normally retreats in the winter months.