As predictions for the US scrap trend in July have shifted from a sideways to likely uptrend, sources tell SteelOrbis that another US domestic rebar price increase announcement is “almost guaranteed.” While most sources do not believe the increase amount will match the relatively high $4.00 cwt. ($88/mt or $80/nt) price increase announced earlier this month, others say that considering there seems to be no expected drop-off in demand or significant increase in supply in the near-term, it’s difficult to predict exactly what US rebar mills will do.
Until then, US domestic rebar spot prices are stable week-on-week in the range of $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) ex-mill in the Midwest, and $49.00-$51.00 cwt. ($1,080-$1,124/mt or $980-$1,020/nt) on the East coast. Source also note that deals below those ranges are “almost nonexistent.”