Last week, SteelOrbis predicted a potential price increase in the US domestic rebar market, supported by higher scrap prices. This week, one mill—Commercial Metals Company (CMC)—announced a $1.50 cwt. ($30/nt or $33/mt) increase, effective immediately, but so far no other mills have followed suit. Sources tell SteelOrbis that Nucor and other US rebar mills will match CMC’s increase “eventually,” likely within a week, and overall spot prices will start to absorb the increase just before the holidays. For now, however, spot prices are mostly stable, although sources report minimal availability of prices at the lower end of the regional ranges.
Last week, US domestic rebar spot prices in the Midwest were reported at $30.50-$31.50 cwt. ($610-$630/nt or $672-$694/mt) ex-mill, although the “new minimum” is reportedly closer to $31.00 cwt. ($620/nt or $683/mt) ex-mill. Likewise on the East coast, last week’s range of $31.50-$32.00 cwt. ($630-$640/nt or $694-$705/mt) ex-mill has tightened up on the low end, with offers moving closer to $32.00 cwt. ex-mill.